EFCC Storms BDC Market, Arrests Those Allegedly Causing Naira to Surpass N1,700/Dollar
- The Economic and Financial Crimes Commission (EFCC) stormed the BDC market in Abuja on Monday, February 19
- This came as the naira surpassed N1,700 despite efforts by the federal government to arrest the declining currency
- Earlier, the EFCC said it was assembling a 7,000-person special task force to target those involved in illegal dollar transactions
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The Economic and Financial Crimes Commission (EFCC) raided the well-known Bureau De Change (BDC) market in Zone 4, Abuja, targeting those behind the poor performance of the naira.
Source: UGC
According to a BusinessDay report, EFCC stormed the market complex and used guns to scatter BDC operations, ending their trading.
The report stated that this may be related to the urgent need for the Bola Tinubu-led administration to employ every tactic to stabilise the naira, which has plummeted to historically low levels.
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The search and subsequent arrest were confirmed by Dayyabu Mistila, a Bureau de Change operator, according to The Punch.
Mistila said that the operatives claimed that the reason for the raid was the increasing value of the dollar and other currencies relative to the naira on the foreign exchange market.
He said:
“Around 3 pm on Monday, officers of the EFCC raided Wuse Zone 4 and arrested over 50 of our members. They were complaining that BDC operators are responsible for the rising exchange rate of the dollar at the parallel exchange market.”
The exact effect of the EFCC's raid on BDC operators on the value of the naira is still unknown. Agents engaged in the operation reportedly felt they have the ability to affect the value of the currency.
On Monday, the depreciating value of the naira reached a significant low, surpassing N1,700 per dollar and causing another low in the parallel foreign exchange market.
Recall that to relieve pressure on the naira, the EFCC assembled a 7,000-person special task force to operate across its 14 zonal commands, targeting individuals involved in illegal dollar transactions.
It stated:
“The task force, inaugurated by the Executive Chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages, and distortions exposing it to instability and disruption."
BDC operators send messages to CBN
Legit.ng earlier reported that the Association of Bureau de Change Operators of Nigeria (ABCON) asked the Central Bank of Nigeria to sell forex to them to improve dollar liquidity.
ABCON president, Aminu Gwadebe, in a telephone interview with Legit.ng, said such a decision would help ease the pressure on the naira.
He stressed that BDCs can go a long way in helping the CBN monetary policies and efforts to create stability in the forex market.
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Source: Legit.ng
