Chaos As EFCC Arrests BDC Operators As Naira Weakens To ₦1,419/$

Traders in the Wuse Zone 4 area of Abuja were reportedly running helter-skelter on Monday after the Economic and Financial Crimes Commission operatives stormed the area.

Naija News learnt that the EFCC conducted an on-the-spot raid and arrested several Bureau De Change operators.

The development was part of ongoing efforts by the EFCC and the Central Bank of Nigeria, CBN, to restore exchange rate stability and boost forex liquidity.

BDC operators trading in the area who spoke with the Punch said the raid happened around Monday afternoon, causing chaos and fear.

The traders who pleaded anonymity due to the sensitivity of the issue said the arrest affected trading activities at the market.

He added that EFCC operatives arrested traders who were only granted bail after paying between N30,000 and N50,000.

He said, “EFCC just raided the market, arresting many operators. They arrested some persons seen on the street and even pursued some persons to their offices. We are still looking for N30,000 or N50,000 to bail those arrested on Friday yet they came again today.”

It would be recalled that last Friday, the EFCC, in a statement, said it arrested 34 suspected currency speculators for alleged foreign exchange fraud.

Despite these efforts, the naira began the week negatively against the United States dollar, closing at N1419.11/$ on Monday, indicating signs of a turbulent week.

At the official market on Monday, the naira traded at a loss, depreciating by N58, or 4.3 percent, from N1,361 last Friday to N1,419 on Monday.

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