EFCC Takes Action Against BDC Operators In Lagos, Abuja, Port Harcourt As Naira Drops To ₦1,520/$

NewsTimes understands that the anti-graft agency is apprehending traders in Abuja, Lagos, Kano and Port Harcourt.

This development is coming against the continuous devaluation of the naira against the United States dollar at both the official and parallel foreign exchange markets.

The recent raids followed renewed efforts by the Federal Government to tackle the naira’s recent fall against the greenback.

The activities of currency speculators in the forex markets and the digital cryptocurrency space have reportedly increased pressure on the naira, with the government accusing crypto traders of speculating against the national currency.

Currency operators who spoke with Punch disclosed that the latest sting occured at various times during the day in Lagos, Kano Port Harcourt and Abuja on Monday.

Malam Yahu, a trader at the popular Wuse Zone 4 market, said currency traders at Lagos, Port Harcourt and Kano confirmed sting operation by EFCC operatives, a development that disrupted market activities.

He said the fear also trickled down to the Abuja market as traders decided to reduce trading for fear of being arrested.

Yahu also said the naira was bought and sold for N1,520/$ and 1,540/$.

According to him, “The naira is now N1,540 and we are buying at N1,520. But the issue now is that the EFCC guys scattered the market in Lagos, Port Harcourt and Kano today. As a result of the development, the traders in Abuja were very cautious about trading.

“So in Abuja today, people are afraid because we don’t know when they will come too and nobody wants to be arrested. It is also part of the reason for the high rate.

“Traders are also afraid of buying at a high price because they are cautious that the dollar may crash at any time. Our brothers in Lagos and Port Harcourt are complaining about the arrests.”

Another trader, Abubakar Taura, confirmed the same rates and the arrests by security agents.

Yes, we heard today that EFCC operatives have started arresting people in other states,” he said.

The President, the Association of Bureau De Change Operators, Aminu Gwadabe, confirmed the raid, saying however that the EFCC operatives primarily focused on street traders.

He revealed that some registered BDC operators were affected in the raid.

“Yes, the EFCC operatives raided street traders although some of our members were also affected. The government is trying to deal with illegal practices. We believe the currency will appreciate with time,” he said.

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