NIGERIAN MAKES U.S MOST WANTED LIST OVER $1M FRAUD. (PHOTO).

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 Nigerian makes US Most Wanted List over $1m fraud A Nigerian, Onoriode Ezewu, has been named on the United States Department of Labour’s first-ever Most Wanted List over allegations of money laundering involving fraudulent unemployment benefit claims worth more than $1m. The department’s Office of Inspector General unveiled the list on its website on Wednesday, naming 16 fugitives wanted in cases involving alleged fraud, identity theft, money laundering, labour trafficking and other offences. According to the agency, the cases collectively involve more than $55m allegedly stolen from American taxpayers. Ezewu’s profile on the department’s website identifies him as wanted for concealment money laundering and states that he is believed to be residing in Nigeria. “In January 2021, Ezewu was charged with 15 counts of concealment money laundering tied to fraudulent UI and Pandemic Unemployment Assistance claims filed using stolen identities, in a scheme exceeding $1 million that also t...
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NIGERIAN NAIRA FALLS TO RECORD LOW ON OFFICIAL MARKET.(PHOTO).

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Nigerian naira falls to record low on official market

(Reuters) - Nigeria's naira dropped to a record low against the dollar on the official market on Tuesday in thin trading, swinging widely to levels seen on the unofficial parallel market, where the currency trades freely.

The naira fell as low as 1,248 to the dollar, during mid-day trading, LSEG data showed after it opened at 927 naira on Tuesday. It later recovered to 845 naira.

Central Bank of Nigeria Governor Olayemi Cardoso has said he would allow market forces to determine exchange rates while setting clear, transparent and harmonised rules governing market operations.

The comments and chronic dollar shortages on the official market have prompted the naira's official exchange rate to drift towards the parallel market level.

The currency sold at around 1,225 naira on the parallel market on Tuesday, while it was quoted at 1,002.50 naira on the one month non-deliverable forwards market .

 

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