The Economic and Financial Crimes Commission (EFCC) has taken action by arresting Bureau De Change (BDC) operators amidst the decline of the naira to N1416 per dollar.
Economic and Financial Crimes Commission (EFCC) operatives reportedly apprehended several Bureau De Change operators at the well-known Wuse Zone 4 market. The arrests were part of routine raids aimed at cleansing the market of street traders and curbing unauthorized trading activities. However, resistance from the traders on Tuesday resulted in gunshots and damage to the EFCC vehicles.
Two currency traders present during the incident shared details of the operation, expressing frustration over what they perceived as excessive and extortionate arrests by the EFCC. They claimed that the raids had become a means of extracting money from them rather than addressing the root issues.
Concerns were raised about the possibility of escalated violence if the raids persist. Traders expressed fears of potential fatalities if arrests continue unabated, citing a growing sense of desperation among the affected individuals.
IS BDC THE PROBLEM
Despite recent EFCC raids aimed at stabilizing the naira, the currency’s value continues to decline. Traders reported purchasing the dollar at ₦1,400 and selling it at ₦1,425 per dollar, yielding a profit of ₦25. However, the naira depreciated further to ₦1,416/$ from ₦1,354/$ recorded the previous day, sparking concerns over rapid fluctuations in the exchange rate.
Data from the FMDQ exchange securities revealed a 4.4% drop or ₦62 in the exchange rate, raising alarm about the currency’s volatility. Despite an increase in the volume of dollars supplied, uncertainties persist in the foreign exchange market, heightening anxieties among traders and stakeholders.
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