Abuja, Nigeria – May 7, 2024 – The Economic and Financial Crimes Commission (EFCC) resumed raids on Bureau de Change (BDC) operators in Abuja on Tuesday, targeting currency traders as the Nigerian Naira weakens against the US Dollar.
The raid targeted Wuse Zone 4, a major currency exchange hub in Abuja. A BDC operator confirmed the raid to Peoples Gazette, stating simply, “EFCC people are here!”
This latest raid marks a continuation of the EFCC’s efforts to stabilize the Naira. Since February, the anti-graft agency has conducted nationwide operations targeting BDC operators, with over 20 arrests made in Abuja last week.
The EFCC accuses some BDC operators of aiding currency speculators who contribute to the Naira’s decline. However, the effectiveness of these raids in stabilizing the currency remains a subject of debate.
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