Economy and Business

Naira crash: EFCC raids Abuja, Lagos, Kano BDC markets

The Economic Financial Crimes Commission (EFCC) have clamped down on Bureau De Change (BDC) operators, arresting traders in Abuja, Lagos, Kano and Port Harcourt.

The raid, Politics Nigeria understands, is part of renewed efforts by the federal government to tackle the naira’s recent fall against the greenback.

This came as the naira weakened further against the United States dollar at both the official and parallel foreign exchange markets.

According to black market rates, the naira currently trades between N1,520 to N1,540 to the dollar.

A trader at the popular Wuse Zone 4 market, Malam Yahu, his colleagues at Lagos, Port Harcourt and Kano confirmed sting operation by EFCC operatives.

He lamented that the development disrupted market activities on Tuesday, May 14.

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

“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,” he told Punch.

“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,” he added

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

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