CBN Endorses SSS’ Raid on Currency Traders

The apex bank in Nigeria has backed the raids by the men of the Secret Service on actors of the parallel market.

The Central Bank of Nigeria (CBN) on Tuesday endorsed the crackdown on parallel market forex traders by the officials of the Department of State Services (SSS) across the country.

The CBN Governor, Godwin Emefiele, disclosed this while addressing journalists at the end of its Monetary Policy Committee (MPC) meeting in Abuja.

According to Mr. Emefiele, the foreign exchange regulation in the country forbids trafficking in currency. He said that the SSS had the right to enforce the law and make sure that currency hawkers were forced out of the “illegal trade.’’

The governor, who said it was demeaning for traders to hawk currency on the streets, urged the traders to legitimise their business by applying for Bureau De Change (BDC) licence.

Officials of the SSS raided the parallel markets in Lagos, Abuja and Onitsha last week over alleged arbitrary sale of forex. The raid, which worsened dollar scarcity at its wake, forced the naira to settle at N465 to a dollar.

Earlier, members of the MPC unanimously voted in favour of retaining the Monetary Policy Ratio (MPR) at 14 per cent, Cash Reserve Ratio (CRR) at 22.5 percent and the liquidity ratio at 30 per cent.

The governor said that the members of the committee took the decision after a critical assessment of the risks to the economy.

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Author: Success MEDIA Africa

Success MEDIA Africa's Profile. BUSINESS INFORMATION Name: Success MEDIA Africa (a division of KING JOSEPH SUCCESS WORLD...facebook page: @KJSuccessWorld). Founded in 2013 Founder/Chief Publicity Strategist: Mr Adewale Joseph Olabode Udoh (popularly known as king Joseph - the Strategist) Office Address 1: Plot 216/218, A Street, Federal Low Cost Housing Estate, Ikorodu-Lagos, Nigeria. Office Address 2:House No. 232711,Muchinga Road Kaunda Square Stage Two, Lusaka, Zambia. Email: successmediaafrica@gmail.com WhatsApp:+2349054593364 Mobile Digits: +2349054832450 / +2349039422809 / +260 97 1035026 GENERAL ACTIVITIES Media Consultancy Publicity/Marketing Strategy Social Media Influencing Music/Product Promotions Online Presence/Communication Analysis Media Management Digital Distribution Management/Promotions Public Relations Education (educating the Young ones and general Staff...) STRATEGY Purpose: To be a leading company in the media/marketing industry by providing enhanced services, relationship, media partnership/supports and solution with profitability. VISION To provide quality services that exceeds the expectations of our esteemed customers/clients. MISSION STATEMENT To build long term relationships with our Customers and Clients and provide exceptional customer services by pursuing business through innovations and advanced technology. CORE VALUES We believe in treating our Clients/Customers with respect and faith. We grow through creativity, invention of new strategies and innovation. We integrate honesty, integrity and business ethics into all aspects of our business functioning. GOALS Global expansion in the field of public relations and media management in general and develp a strong base of key Customers/Clients. Increase the assets and investments of the company to support the developments of services, to as well enhance our chances of giving back to the society in rendering media services to our Clients (especially young Brands...) better...even while charging you for services, we still help in managing your funds for you. NOTE: We do this through our every quarter-of-the-year discounted promotional offers (program) we throw to our Clients/Customers, especially the young Brands, "small Scales" we call them; the program which its hashtag is: #HTYG ( #HelpTheYoungGrow). To build a better reputation in the field of public relations/media and become a key player in the industry. WORKFORCE SMA (Success MEDIA Africa) is still a very young aspiring media firm, with very vast knowledge and professional experience. SMA has about 22+ Staffs and Representatives in these numbers: 13 in Nigeria 3 in Zambia 2 in South Africa and 1 in UAE 1 in Benin Republic 2 in Ghana Other Social Media Platforms: Facebook Page: @SuccessMEDIAAfrica Twitter/ Instagram: @Strategist_KJ, @successmedia_a Google+: successmediaafrica@gmail.com Blog: www.successmediaafrica.com LinkedIn: successmediaafrica@gmail.com Facebook ID: Olabode King Joseph Twitter/IG: @kingjoseph_sma

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