May 27, 2024

EFCC Arrests BDC Operators Amid Naira’s Decline to N1,419/$



The Economic and Financial Crimes Commission (EFCC) conducted a surprise raid at the Wuse Zone 4 area of Abuja on Monday, apprehending several Bureau De Change (BDC) operators as the naira weakened to N1,419 against the dollar. The crackdown caused chaos and fear among traders, with some arrested individuals granted bail after paying hefty sums.

BDC operators in the Wuse Zone 4 area of Abuja confirmed the EFCC raid, which occurred around noon on Monday, unsettling trading activities and instilling apprehension among traders. Following the raid, traders who were arrested faced bail conditions ranging from N30,000 to N50,000, according to anonymous sources due to the sensitive nature of the issue.

Amid ongoing efforts by the EFCC and the Central Bank of Nigeria (CBN) to restore exchange rate stability and enhance forex liquidity, the naira commenced the week on a negative trajectory, closing at N1,419.11 against the dollar on Monday. This depreciation signals potential challenges ahead for the currency.

Last Friday, the EFCC announced the arrest of 34 suspected currency speculators for alleged foreign exchange fraud, underscoring intensified efforts to combat illicit forex activities. Despite these measures, the naira’s value continued to falter, reflecting heightened demand for the dollar.

At the official market, the naira experienced a significant loss, depreciating by N58 or 4.3% from its previous rate to close at N1,419 against the dollar on Monday. The intraday high and low also fluctuated, indicating volatility in forex trading.

Currency traders at the Zone 4 market reported selling the dollar at N1,340 per dollar, while purchases were made at N1,305, with traders realizing a profit margin of N25.

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