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DSS, EFCC raid black market spots to prop Naira

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Nigerian security agents raided the offices of black market currency dealers on Thursday, detaining several of them while ordering others to sell dollars at a lower rate in a bid to check the persistent crash of the currency, dealers said.
The security agencies’ intervention was coming in the wake of the central bank’s inability to stop Naira’s slide on the black market where importers often go to buy dollars due to severe hard currency shortages in the country. The economy has been pushed into recession partly by a slump in oil prices a key source of revenue that has the added attraction of coming in the form of dollars.
The central bank has kept the official naira rate to the dollar artificially high, effectively driving hard currency dealing away from commercial lenders and towards the black market, the real benchmark.
“The police and state security service officials are raiding black marketers in Lagos and Abuja to compel an appreciation of the naira,” Mallam Adamu, a Bureau de Change (BDC) operator, told Reuters.
Another trader said security agents visiting BDC operators told dealers not to sell dollars for more than N395.
“We’ve stopped buying dollars from just anybody that walks into our shop due to the harassment from security agents and a directive from our association,” said a dealer, asking not to be named.
The currency is exchanging at N460 per dollar on the black market, far weaker than the official rate of N305.5. The naira had regained some ground this week after dropping earlier from N470, but dealers said hard currency supplies remain limited.
Aminu Gwadabe, President of the Bureau de Change Association, said members of his association had agreed with the CBN and security agencies to enforce a rate of N390 to N400 to the dollar.
“The issue of naira depreciation has been narrowed to the activities of speculators and we have decided, with the cooperation of both the central bank and security agents, to enforce a new rule on pricing,” he said.
The Lagos police declined to comment while source at the central bank said the bank was concerned about the spread between the official and parallel market rate.
Meanwhile,  BDC operators told the NAN yesterday that they were forced to fix sales of foreign currencies such as dollar, pounds and euros for fear of sanctions by anti-graft agencies and the Central Bank of Nigeria.
For the past three days, naira has been exchanging for N400 to a dollar at the parallel market.
A Licensed BDC operator in Abuja, Alhaji Yusuf Rabiu, said the recent raid on BDC establishments by the Economic and Financial Crimes Commission (EFCC) forced the operators to reach such an agreement.
Also, it was agreed that pound sterling would exchange for N540 and euros for N500. Usually, the rate of forex at the BDC segment is based on demand and supply.
When demand is higher than supply, each operator uses his discretion to hike the price.
To regulate the segment, CBN recently issued a policy that allowed each BDC to buy dollars from Travelex at N381 per dollar and sell to end users at a maximum of N400 per dollar.
On Wednesday, the Department of State Services (DSS) raided the offices of some BDCs in Lagos and arrested operators selling above the stipulated exchange rate.
The DSS operatives posed as end users who came to purchase dollars from the BDCs. After surveying the market for exchange rate offerings, they arrested some BDC operators who sold above the CBN agreed rates.
“On Monday, EFCC called so many licensed BDC operators. The issue is that they feel we are unnecessarily hiking the rates. But it’s not our fault. Right now, their focus is on our business; they have been calling us one by one and we don’t want problem. That is why we have agreed to have a fixed rate for now,” he said.
“After the raid in Lagos, we the Abuja operators met and agreed on a fixed rate so that such will not happen to our members.”
Another operator, who preferred anonymity, said the market was slow as people who had dollars were not ready to sell at the existing rate.
He said personally, he had temporarily closed shop to potential customers until he studied the market for the next couple of weeks to determine if the new policy would come to stay.

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12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.

 

The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

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Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.

 

 

In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

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Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
 
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

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