In a targeted crackdown on illicit financial activities, operatives of the Economic and Financial Crimes Commission (EFCC) raided several Bureau de Change (BDC) operators in the Wuse Zone 4 area of Abuja. The raid, which took place on Monday, resulted in the arrest of approximately 50 individuals suspected of engaging in illegal currency transactions.
The EFCC’s swift action comes amidst growing concerns over the plummeting value of the naira against major foreign currencies. In response to the escalating crisis, the commission had earlier established a Special Task Force across its commands to combat currency mutilation and prevent the dollarization of the Nigerian economy.
According to a statement by EFCC spokesperson, Dele Oyewale, the task force was formed to enforce existing laws against currency abuse and protect the economy from instability and disruptions. The initiative, inaugurated by Executive Chairman Ola Olukoyede, underscores the government’s commitment to safeguarding the nation’s financial integrity.
Confirming the raid, Bureau de Change operator Dayyabu Mistila stated that EFCC operatives cited the rising exchange rate of the dollar against the naira as the primary reason for the crackdown. Mistila recounted that over 50 members of the BDC community were apprehended during the operation.
While official data from the Financial Markets Dealers Quotations (FMDQ) showed the naira dropping to N1,574.62 per dollar, Mistila revealed that they were exchanging dollars for as high as N1,660. The disparity in exchange rates further underscored the urgency of the EFCC’s intervention to curb illegal currency transactions.
A viral video capturing the EFCC raid depicted operatives storming the BDC premises and firing shots into the air to disperse operators attempting to confront them. Despite the swift action, EFCC spokesperson Dele Oyewale remained unreachable for comment at the time of filing this report.
What You Should Know:
The Naira had in the last one week experienced unprecedented depreciation with the local currency hitting N1700 to a dollar at the black market. Ratecaptain had a few days ago reported that a dramatic increase in money demand and the hoarding of the dollar by the BDC’s has been one of the major factors fueling the currency depreciation being experienced between the naira and dollar in recent weeks. The BDC had cited a lack of foreign exchange and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, the CBN governor has pledge to sanction any BDC operator found in any illegal or manipulation of the dollar
