RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Currencies

EFCC Arrests 50 BDC Operators in Abuja for FX Rates Manipulation

Stephen Akudike by Stephen Akudike
February 20, 2024
in Currencies, Economy, Money Market
Reading Time: 2 mins read
A A
0
EFCC Arrests 50 BDC Operators in Abuja for FX Rates Manipulation
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

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.

AlsoRead

Naira Holds Steady at N1,361/$ as Dollar Gains Support from Robust US Jobs Data

Nigeria’s External Debt Projected to Reach $72.6 Billion by 2027 – IMF

NGX Gains 0.53% as Airtel Africa and First Holdco Lead Market Rally

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

Tags: #NigeriaAbujaarrestBDC operatorscurrency manipulationforeign exchange ratesraid
Previous Post

Gold Prices To Hit $3,000 and Oil $100 per Barrel – Citi Analysts Suggest

Next Post

Eu to invest €37m in Nigeria’s Power Sector

Related News

Naira appreciated to N738/$ in the Parallel Market

Naira Holds Steady at N1,361/$ as Dollar Gains Support from Robust US Jobs Data

by Stephen Akudike
June 10, 2026
0

The Nigerian naira traded with relative stability in the official foreign exchange market during the first half of the week,...

IMF Applauds Tinubu Policy Reforms While Lowering Growth Projections

Nigeria’s External Debt Projected to Reach $72.6 Billion by 2027 – IMF

by Jide Omodele
June 10, 2026
0

The International Monetary Fund (IMF) has projected that Nigeria’s public external debt will rise sharply to $72.6 billion by 2027,...

Liquidity Crunch: Banking Sector’s Borrowing from CBN Surges to N12 Trillion.

NGX Gains 0.53% as Airtel Africa and First Holdco Lead Market Rally

by Jide Omodele
June 10, 2026
0

The Nigerian equities market extended its positive performance on Tuesday, closing higher by 0.53% amid renewed buying interest in major...

Oil Prices Reach $90 Following Supply Reduction by Saudi Arabia and Russia.

Nigeria’s Crude Oil Exports Climb to N11.2 Trillion in First Quarter of 2026

by Akpan Edidong
June 9, 2026
0

Nigeria recorded crude oil exports worth N11.20 trillion in the first quarter of 2026, reinforcing oil’s position as the country’s...

Next Post
GDP in Euro Area Declines by 0.1%, While EU Records a Modest 0.1% Increase

Eu to invest €37m in Nigeria's Power Sector

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Naira appreciated to N738/$ in the Parallel Market

Naira Holds Steady at N1,361/$ as Dollar Gains Support from Robust US Jobs Data

June 10, 2026
IMF Applauds Tinubu Policy Reforms While Lowering Growth Projections

Nigeria’s External Debt Projected to Reach $72.6 Billion by 2027 – IMF

June 10, 2026

Popular Story

  • BREAKING: MTN Nigeria gets NCC approval to lease spectrum from NTEL.

    MTN Justifies Tariff Hike, Announces Over N1 Trillion Investment for 2026

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Population to Reach 237.5 Million by 2025, Says UN

    0 shares
    Share 0 Tweet 0
  • CBN Limits Mobile Banking Apps to One Device in New Security Push for Instant Payments

    0 shares
    Share 0 Tweet 0
  • Tokyo shares rise on US-China talks, cheaper yen

    0 shares
    Share 0 Tweet 0
  • Top 10 Cities for Job Opportunities in the UK for Nigerians

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>