The Economic and Financial Crime Commission (EFCC) conducted a raid in Wuse Zone 4, Abuja, resulting in the arrest of over 50 illegal Bureau De Change (BDC) operators. The move comes amidst the alarming downward spiral of the Naira in the Foreign Exchange Market, reported by Media Talk Africa.
Dayyabu Mistila, a BDC operator in Wuse Zone 4, revealed that the EFCC operation was prompted by the escalating exchange rate of the US dollar and other currencies against the Naira in the forex market. “Around 3 pm on Monday, officers of EFCC raided Wuse Zone 4 and arrested over 50 of our members. They were complaining that BDC operators are responsible for the rising exchange rate of the Dollar in the parallel exchange market,” Mistila stated.
When questioned about the Dollar to Naira rate on Monday, Mistila informed our Correspondent that it traded for N1,660 per Dollar. Similarly, official FMDQ data indicated the Naira dropped to N1574.62 per US dollar on Monday.
Efforts to reach the EFCC spokesperson, Dele Olyewale, were unsuccessful at the time of this report.
Media Talk Africa also highlighted a meeting on February 3, 2024, where the Minister of Finance, Wale Edun, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the Chairman of EFCC, Ola Olukoyede, convened in a bid to address the continued devaluation of the Naira in the FX market.
