Business

Video: Why I Returned $14k Mistakenly Sent To Me By Foreign Crypto Trader – Nigerian Man

Published

2 days ago

July 2, 2024

Anjola Femi, a Nigerian man, has returned $14,000 (approximately N21 million) that was mistakenly sent to him by a foreign crypto trader.

The incident, which unfolded on social media, has garnered widespread attention and praise.

The story began when Femi participated in a cryptocurrency giveaway organized by Rafael Alvi, a foreign trader known on social media as @raffayalvi.

Femi was initially awarded $100 worth of Solana, a popular cryptocurrency.

However, due to an error, Alvi accidentally transferred $14,000 to Femi’s account instead.

Upon discovering the mistake, Femi made the decision to return the substantial sum.

His act of integrity did not go unnoticed, as Alvi publicly praised Femi on social media for his honesty.

The incident has since attracted significant attention, with many applauding Femi for his commendable actions.

When asked about his decision to return the money, Femi explained that honesty and integrity are values he holds dear.

He expressed that keeping the money would have been wrong and that he believes in doing the right thing, regardless of the circumstances.

“My name is Anjola Femi, the guy that is known as Lucky, that is the Twitter handle @muchino67.

“So I won this giveaway on Solana, $100 worth of Solana from Rafael Alvi this morning. So, what happened was that he sent it to me.

“So, when he sent it to me, he now messaged me that he mistakenly sent 100 Solana which was $14k instead of $100. So, he requested me to hold 10 and send 90 to him in which I did…,” Femi narrated.

When asked why he returned the substantial sum of money, Femi said; “I cannot keep the money because it is not mine. I am child of God and we all know that righteousness exalts a nation and thank God for Apostle Chris Onofua, the Kingdom Spread World Ministry general overseer. He has taught us the way of righteousness, so I am very very happy about what I did.

“He is happy, I am happy. I am just trying to show to the world that we Nigerians we are still great and also have a lot of people with integrity. I am also a graduate of the Federal University of Technology, Minna, 2017 set, chemical engineering to be precise.

“Thank you and God bless you all.”

Why I returned $14k mistakenly sent to me by foreign crypto trader – Nigerian man pic.twitter.com/EmVD7Yf1Aa
— Vanguard Newspapers (@vanguardngrnews) July 2, 2024

Business

Naira Tumbles, Depreciates By 40% Against Dollar In First Half Of 2024

Published

4 days ago

June 30, 2024

Editor

The Naira depreciated by over 40 percent in the half quarter of 2024 at the foreign exchange market.

The FMDQ data showed that the Naira weakened to N1505.30 per dollar on Friday from between N896.6 and N907.11 it closed on 29th December 2023.

The figure showed that the Naira had continued its instability against other currencies in the last months despite a streak of months of appreciation before depreciation set in mid-April 2024.

The Naira reached its highest peak of N1,665.50 in February 2024 and lowest point in April when it stood at 1,140 and N1,230.61 at the official and parallel foreign exchange markets, respectively.

The development comes on the back of Central Bank or Nigeria policies, including the unification of the FX market, circular on the operation of International Money Transfer Operators, Intervention to Bureau De Change operators, regulation on excess FX to banks, and recently the withdrawal of Price Verification System Portal for importers.

Despite, the policy reforms by the apex bank, the Naira has continued fluctuations against the Dollar and other currencies in the foreign exchange market.

In April 2024, the Naira was adjudged as the best-performing currency, but slipped to worst-performing in May, according to Bloomberg.

This is as Naira closed at N1505.30 and 1515 at the official and parallel foreign exchange market, respectively on Friday.

The development comes despite the increase in Nigeria’s external reserve which stood at $34.07 billion on June 26, 2024.

Business

CBN Issues Fresh Foreign Currency Deposit Guidelines

Published

6 days ago

June 29, 2024

Editor

The Central Bank of Nigeria (CBN) has issued fresh guidelines to Deposit Money Banks (DMBs) on the deposit of foreign currency notes with the apex bank.

In circular no: COD/DIR/INT/CIR/001/016 issued by the Director of Currency Operators Mr. Mohammed Solaja seen on the bank’s website, it directed DMBs must notify the apex in writing of its intention to make such deposits, at least three working days before such a deposit is make.

Such foreign currency deposits can only be made at the CBN branches at Abuja and Lagos.

It further directed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily.

The CBN said that smaller denominations of $ 20 notes and belows would be at a maximum of $1 million daily.

British Pound and Euro were also pegged at GBP 1 million and Euro 1 Million per day per DMB.

According to the circular, each denominations would be in separate boxes and two representatives of a DMB wanting to make.deposits must be present to witness the counting and confirm the amount.

It added that only CBN-registered CIT companies for deposit of foreign currency notes would be allowed to representative the DMBs in the exercise.

CBN directed that the deposits would take place between 8.00 am and 12 noon and that the selected branches must confirm the deposits same day.

Handling charge, it.said would be at 0.30 percent and would be received from the Current Accounts of DMBs with the CBN.

The bank said that the new guidelines supersede the June 17, 2017 circular referenced: COD/DIR/GEN/CMF/11/094.

Business

CBN Stops FX Price Verification System Portal For Importers

Published

1 week ago

June 26, 2024

Editor

The Central Bank of Nigeria says it will discontinue the foreign exchange price verification system portal used by importers from July 1.

It also noted that the Price Verification Report will no longer be a requirement for the completion of a Form ‘M’.

The Form ‘M’ is a declaration of intention to import physical goods into Nigeria.

The apex bank disclosed this information in a circular posted on its website on Wednesday adding that it took the decision given recent developments in the Nigerian Foreign Exchange Market.

The notice signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya, was addressed to all authorised dealer banks, and the general public.

It was titled, “Discontinuation Of The Central Bank Of Nigeria Price Verification System Portal.”

In August 2023, the CBN had said price verification from the portal was mandatory for all Form M requests, effective from August 31, 2023.

The portal introduced during the tenure of former acting governor, Folashodun Shonubi, is a build-up on the e-evaluator and e-invoice introduced by CBN in 2022 to replace hard copy final invoices in documentation processes for FX and monitor goods that are imported into Nigeria, as well as enable the collection of import duties where applicable.

The circular read, “We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled “Go-Live Of The Central Bank Of Nigeria Price Verification System Portal” on the deployment of the Price Verification System.

“Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System.

“Consequently, with effect from July 01, 2024, all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal.

“For the avoidance of doubt, by this circular, the Price Verification Report is no longer a requirement for the completion of a Form ‘M’. Please note and be guided accordingly,” the notice concluded.