TVC N. The Nigerian Naira has dropped N10 to trade at N465/$1 on Wednesday, November 16, as against the N455/$1 it was yesterday in the black market.
The depreciation comes after operatives of the Department of State Service (DSS) and Economic and Financial Crimes Commission (EFCC) raided offices of Bureau de change (BDCs) last week.
It was gathered that the DSS raided offices of BDCs in some part of Lagos and Abuja, arresting operators that sell above the exchange rate stipulated by the Central Bank of Nigeria (CBN).
The clampdown followed a meeting between the Central Bank of Nigeria (CBN), the SSS and leadership of the BDC association aimed at finding solutions to the poor performance of the national currency against other international currencies, particularly the dollar in the money market.
But according to the local currency traders, the move by DSS has instilled fear among BDCs. Experts have also predicted that the raid will lead to increased volatility of exchange rate and further fragmentation of the parallel market, a prediction that seems to be occurring.
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