Naira Fall: Real Reasons Behind EFCC’s Raid on Bureau De Change Operators Revealed As Bawa Expose Top Secret
- Efforts to restore the value of the Naira to the Dollar are being intensified by the Economic and Financial Crimes Commission (EFCC)
- The EFCC claim there is a deliberate attempt by Bureau De Change Operators to frustrate the availability of the dollar
- Reports reveal that the announcement of the redesigning of the Naira notes affected the recent decline in its value
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
FCT, Abuja - Following the recent raid by the Economic and Financial Crimes Commission (EFCC) on Bureau De Change Operators in Abuja and Kano, revelations have begun to unfold over why the raid was carried out.
The EFCC launched a vicious raid at the Wapa Forex Market in Kano, Zone 4 in Abuja, the BDC hub of northern Nigeria, and several operators were apprehended.
Source: Facebook
A DailyTrust podcast, "Nigeria Daily", revealed that the raid was in a bid to hold the free fall of the Naira.
It was gathered that the Naira declined to the Dollar to about N840 in several parts of the country.
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
This was coming after the Central Bank governor, Godwin Emefiele, announced redesigning the higher denomination of the Naira notes.
At least eight BDC operators were arrested in Kano, unlike in Abuja, where the EFCC were successful in their raid.
According to DailyTrust, a BDC operator in Kano revealed that they were prompted upon hearing that the EFCC raided their colleagues in Abuja.
One of the operators revealed that they all closed their shops after hearing about the Abuja raid.
Money launderers purported plan
Legit.ng gathered that many BDC operators in Kano state are yet to start operations, a cautious move to avoid EFCC operatives.
Sources also have that what prompted the arrest is closely related to the unfortunate hike in the Dollar and that money launderers have been using the BDC to obtain forex on the black market to avoid losing their funds in Naira to the newly announced redesign of Naira notes.
It is believed that they were converting the Naira into Dollars for fear of losing that currency, and they didn't want to go to the bank to deposit the money and likely for fear of the EFCC monitoring and tracking them down.
Findings also concluded that the main bone of contention was forex racketeering and exchanging into forex without a legitimate license.
Meanwhile, the eight BDC operators arrested in Kano are said to be currently under investigation by the EFCC.
Meanwhile, Wapa forex market chairman Yusuf N. Abdullahi said he had visited the EFCC office in Kano over the apprehension of the eight BDC operators in their custody.
He disclosed that there were no charges levelled against the eight of them.
Abdullahi, however, stated that they are waiting on the EFCC to tell them what transpired and why the arrest and raid were made.
"We're worried about the scary rise in the Dollar" - EFCC chairman.
Meanwhile, the EFCC chairman, Abdulrasheed Bawa, said the commission is worried about the recent hike in the Dollar to the Naira.
He said:
"We are talking to them (BDC operators) and other relevant stakeholders. The truth of the matter here is that it's just a function of demand and supply. People are rushing this commodity, not that they will use it for any meaningful business engagement."
Bawa revealed that people are just purchasing the Dollar to keep while the Naira continues to suffer in the exchange market.
He said:
"Section 2 of the "Money Laundering Prohibition Act" is very clear regarding cash transactions. So anybody that is to consummate cash transaction as an individual, if it is not through financial institution must not be above N5million and if it is above that, it is criminal and for corporate entities it is N10million."
2 northern governors, 1 southerner planning to pay workers’ salaries in cash - EFCC
Meanwhile, EFCC chairman, Abdulrasheed Bawa, has revealed that about three sitting governors in Nigeria are planning to pay their state workers' salaries in cash.
Bawa, who refused to disclose the identity of the governors, maintained that 2 of them are from the north while one other is from the southern part of the country.
The EFCC boss said many governors have stashed some money in different buildings across the country and are finding ways to return them to the system.
Source: Legit.ng
