The Economic and Financial Crimes Commission (EFCC) conducted a raid on Bureau De Change (BDC) operators in the Wuse Zone 4 area of Abuja.
The operation, which took place on Monday, resulted in the arrest of several unidentified BDC operators, confirmed by traders in the area.
According to reports from traders, chaos and fear ensued following the EFCC’s intervention, disrupting trading activities in the market. Some traders, who chose to remain anonymous, revealed that those arrested were required to pay bail fees ranging from ₦30,000 to ₦50,000.
This recent crackdown by the EFCC comes in the wake of heightened efforts to restore stability to the exchange rate and bolster forex liquidity. Last Friday, the EFCC announced the arrest of 34 suspected currency speculators for alleged foreign exchange fraud.
Despite these measures, the Nigerian Naira started the week on a downward trend against the United States dollar, closing at ₦1,419.11/$ on Monday, indicating potential turbulence ahead. At the official market, the Naira experienced a loss, depreciating by 4.3% to ₦1,419 from its previous rate of ₦1,361.
The fluctuation in the exchange rate reflects a high demand for the US dollar, prompting concerns among traders and investors alike. Currency traders at the Zone 4 market reported selling the dollar at ₦1,340 per dollar, indicating a significant shift in market dynamics.
