As Naira Slumps To 1980 per 1$, EFCC Arrest Over 100 Bureau De Change Operators In Abuja

Nigerian security operatives including officials of the Economic and Financial Crimes Commission (EFCC) on Wednesday raided some Bureau De Change outlets in the Federal Capital Territory, Abuja, arresting over 100 operators as the country’s currency slipped further.

Nigeria’s naira on Wednesday dropped to a record low against the dollar on the official market.

It was gathered that the naira now exchanged for N1980 to $1 on the parallel market and N1780 on the official market as the swift decline continued amid the government’s clampdown on currency speculators.

“The situation (of arresting BDC operators) has not helped either because the official rate has also reached N1780. Naira is still crashing,” a source familiar with the arrest told SaharaReporters.

“Dollar reached N1980 to $1 today, prompting the Nigerian government to raid BDCs in Abuja to arrest over 100 BDC operators.”

We earlier reported that the economic situation had continued to worsen as the naira tumbled at the parallel market despite the clampdown President Bola Tinubu’s administration ordered on foreign exchange market speculators.

On Tuesday, the naira slid further with one dollar exchanging for 1,900 in Abuja and Kano, and N1,800 in Lagos; while the British Pound was exchanged for N2,250.

Nigeria’s anti-corruption agency, the EFCC had been raiding BDC hubs in Abuja, Port Harcourt, Lagos and Kano. Some operators were also arrested but it has not stopped the naira from further depreciation.

The National Security Adviser, Nuhu Ribadu on Tuesday, directed operatives of the Nigeria Police Force, the EFCC, the Nigeria Customs Service (NCS) and the Nigeria Financial Intelligence Unit (NFIU) to go after forex market speculators as part of measures to stem volatility in the foreign exchange market.

Ribadu, in a statement by Zakari Mijinyawa, Head, Strategic Communications in the Office of the NSA, said the office had to wade in at this time because some individuals and organisations had continued to undermine proactive measures of the Central Bank of Nigeria to stabilise the foreign exchange market and stimulate economic activities.

Acting on the NSA’s directive, the security operatives swooped on BDC operators on the streets of Lagos, Abuja and Kano yesterday to raid unlicensed BDC operators.