EFCC raids Bureaux de change offices in Abuja as Naira exchanges above N800

• The EFCC has conducted a raid on some black market currency dealers
• The dealers have been blamed by the CBN for the turbulence in the foreign exchange market
• The CBN has concluded plans to redesign the N200, N500 and N1000 notes.

The operatives of the Economic and Financial Crimes Commission raided the offices of Bureaux de change operators in Abuja.

According to PUNCH, several black market currency dealers were arrested in the course of the raid. It was also reported that the EFCC operatives who were fully armed were seen dragging the black market currency dealers into waiting vans, as bystanders gathered to watch the drama.

The raid by the anti-graft agency is said to be in connection with the turbulence in the forex market which has since seen the naira fall to as much as N865 to a dollar in the black market. A similar operation by the EFCC had occurred three months ago in the Federal Capital Territory in the wake of the unfortunate decline of the Naira.

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BREAKING: EFCC raids black market forex offices as naira sinks

CBN's issue with black market dealers

It would be recalled that the Governor of the Central Bank of Nigeria, Godwin Emefiele has often blamed the black market operators for the unwarranted disruption in the foreign exchange market.

Hence, while speaking at a Monetary Policy Meeting on Tuesday, July 27, 2021, Emefiele announced the immediate discontinuation of forex allocation to Bureau de Chane operators.

The apex bank's governor said that the move will curtail Nigeria's currency hoarding, security, counterfeiting, and inflation, as it would now only sell forex directly to deposit money banks.

CBN to redesign N200, N500 and N1000 notes

Last week, the CBN Governor disclosed the redesigning and expected release of new N200, N500 and N1000 notes following the approval of President Muhammadu Buhari. Emefiele said the redesigned notes would come into circulation on December 15, 2022.

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Naira hoarders release crisp N500 notes printed in 2007 as CBN plans redesign

According to Legit.ng, the redesigned naira notes which is believed would improve the currency's value would have a new appearance and be embedded with security features.

The central bank has also issued January 31 2023 deadline for customers to deposit the old naira notes in their various banks. This deadline may affect most of the illegally obtained naira stashed in people’s homes.

Source: Legit.ng