EFCC raids Forex dealers in Abuja, Kano

The Economic and Financial Crimes Commission, EFCC, has again raided Bureau de Change operators in Abuja and Kano, as the Naira slumped to N857 to a dollar at the parallel market.

The raid is expected to be extended to Lagos, Onitsha, Ibadan, Port Harcourt and other major cities across the country.

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The operations were said to have disrupted the day’s business as many of the BDC operators in Abuja went underground.

The black market forex dealers were carrying on their business activity as usual when the EFCC operatives backed by armed policemen stormed their makeshift stalls in the Wuse area of Abuja and took many of them into custody.

An eyewitness noted that the arrested suspects were dragged into waiting vehicles as the incident stalled traffic in the area.
the naira has continued to be under pressure against the dollar since the central bank announced plan to redesign naira notes to fight counterfeiting, inflation and insecurity with effect from December 15.

The development was blamed on BDC operators and individuals desperate to convert their ill-gotten money into hard currency.