Naira Freefall: EFCC Raids Bureau De Change Operators in Abuja, Arrests Over 50 Persons

Naira Freefall: EFCC Raids Bureau De Change Operators in Abuja, Arrests Over 50 Persons

By Aisha Musa,  Abuja.

The officers of the Economic and Financial Crime Commission (EFCC), on Monday, raided and arrested over 50 illegal Bureau De Change (BDC) operators in Wuse Zone 4 Abuja, amid the continued free fall of the Naira in the Foreign Exchange Market.

Reports quoted a Bureau De Change operator in Wuse Zone 4, Dayyabu Mistila, as having disclosed the raid.

According to Mistila, the operatives said the raid was because of the rising exchange rate of the US dollar and other currencies against the Naira at 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, the parallel exchange market,” he was further quoted as saying.

Asked the rate of Dollar to Naira on Monday, Mistila said it traded for N1,660 per Dollar.

Similarly, official FMDQ data showed that Naira dropped to N1574.62 per US dollar on Monday.

The EFCC spokesperson, Dele Olyewale, could not be reached last night for comments.

The Minister of Finance, Wale Edun, Governor of Central Bank of Nigeria, Olayemi Cardoso and the Chairman of EFCC, Ola Olukoyede, met on February 3 2024, in an effort to curb the continued fall of the Naira in FX market.