Naira Depreciation: EFCC Targets BDC Operators In Abuja, Lagos, Kano, Port Harcourt

• EFCC targets BDC operators in major Nigerian cities.

• Raids have disrupted trading and contributed to the naira’s high exchange rate.

• The Association of Bureau De Change Operators confirmed the raids affected both street traders and some registered operators.

EKO HOT BLOG reports that the Economic and Financial Crimes Commission (EFCC) has intensified its crackdown on Bureau De Change (BDC) operators across major cities in Nigeria.

This online media platform reports that the anti-graft agency has been apprehending traders in Abuja, Lagos, Kano, and Port Harcourt.

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This development comes in response to the continuous devaluation of the naira against the United States dollar in both official and parallel foreign exchange markets. The recent raids are part of renewed efforts by the Federal Government to address the naira’s recent depreciation against the greenback.

The surge in activities by currency speculators in forex markets and the digital cryptocurrency space has reportedly exacerbated pressure on the naira. The government has accused cryptocurrency traders of speculating against the national currency.

Currency operators disclosed to Punch that the latest sting operations occurred at various times throughout the day on Monday in Lagos, Kano, Port Harcourt, and Abuja.

Malam Yahu, a trader at the popular Wuse Zone 4 market, said currency traders at Lagos, Port Harcourt and Kano confirmed sting operation by EFCC operatives, a development that disrupted market activities.

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

Yahu also said the naira was bought and sold for N1,520/$ and 1,540/$.

According to him, “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.

“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.

EFCC Targets BDC

“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.”

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

“Yes, we heard today that EFCC operatives have started arresting people in other states,” he said.

The President, the Association of Bureau De Change Operators, Aminu Gwadabe, confirmed the raid, saying however that the EFCC operatives primarily focused on street traders.

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He revealed that some registered BDC operators were affected in the raid.

“Yes, the EFCC operatives raided street traders, although some of our members were also affected. The government is trying to deal with illegal practices. We believe the currency will appreciate with time,” he said.

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