EFCC Identifies Those Behind Naira Fall, Makes Arrests As Traders Quote New Dollar Exchange Rate

• EFCC has conducted another round of arrests of currency traders amid the recent depreciation of the naira
• The multiple arrests made in Abuja were part of the Nigerian government's efforts to combat currency speculation in the country
• The value of the naira in the official market and also in the unofficial market continues to depreciate

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Economic and Financial Crimes Commission has identified Bureau De Change operators as one of the reasons for the continued fall of the naira in the foreign exchange markets and has raided their locations.

The latest raid was carried out in the Wuse Zone 4 area of Abuja, with an unidentified number of BDCs operators arrested.

Read also

Nigerians to pay more for iPhone, cars as CBN increases Customs dollar rate to clear goods at ports

EFCC arrests BDC operators

Punch reports that currency traders arrested by EFCC were only granted bail after paying between N30,000 and N50,000.

Some traders said the arrests were made on Friday, April 26, and Monday, April 29, 2024.

A trader was quoted as saying:

"The EFCC recently conducted a raid in the market, apprehending numerous operators. They detained individuals spotted on the streets and even pursued others to their offices.

"We're still trying to gather N30,000 or N50,000 for the bail of those arrested on Friday, and now they've struck again today."

The development is part of the EFCC and CBN's ongoing efforts to restore exchange rate stability and boost forex liquidity.

Traders sell naira at different exchange rates

Read also

Traders sell dollar at new exchange rate as naira bounces back in forex markets

Meanwhile, Legit.ng checks show that the dollar continues to sell at different rates in the foreign exchange markets.

Official market data from FMDQ Securities show that the naira fell to N1419.11 on Monday, April 30, 2024.

In the black market, Abudulahi, a currency trader, said he sold the dollar at N1,360 per dollar, up from N1,275.

"There was increased demand for the dollar and a short supply. We sold the dollar at N1,360 and buy from customers at N1,340.

"With the EFCC on our tails, we have to maximize our profit."

CBN sells dollars to BDC operators

Legit.ng earlier reported that the Central Bank of Nigeria, as part of its efforts to fight naira depreciation, conducted another round of dollar sales to licensed Bureau De Change Operators.

The sale is part of the apex bank's plan to ensure enough liquidity in the market and stabilise the currency.

Read also

Naira gets a boost as dollar supply rises to $7 billion in official market

The CBN has also fixed an exchange rate limit for the BDCs when selling to Nigerians seeking dollars.

Source: Legit.ng