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Again, EFCC raids Bureau De Change operators over naira fall

By Sodiq Omolaoye, Abuja
01 November 2022   |   5:03 pm
Operatives of the Economic and Financial Crimes Commission (EFCC) on Tuesday raided the Wuse Zone 4 axis, the bureau de change trading hub in Abuja and arrested some operators.

EFCC

Operatives of the Economic and Financial Crimes Commission (EFCC) on Tuesday raided the Wuse Zone 4 axis, the bureau de change trading hub in Abuja and arrested some operators.

The operation is said to be part of efforts to stop the free fall of the Naira against the dollar.

When contacted, the Spokesperson of the EFCC, Wilson Uwujaren, confirmed the raid to The Guardian.

As of the close of trading on Tuesday, the naira is said to be selling at 840/$ in the black market following the announcement of the Central Bank of Nigeria, CBN, last week to redesign and reissue higher denominations of the Naira.

Though the Minister of Finance, Budget and National Planning, Zainab Ahmad, warned the CBN of the consequences that may arise from redesigning 200, 500, and 1,000 naira notes, President Muhammadu Buhari backed the move, saying it will help fight corruption.

Buhari said he was convinced that the nation would gain a lot from CBN’s decision to redesign the naira notes.

In July this year, a similar operation by the EFCC was carried out over allegations that some BDC operators were mopping up foreign currencies, making the naira fall against the dollar.

The raid then was prompted after the anti-graft agency received intelligence that some individuals were buying dollars in large quantities, a move projected to create scarcity and further sink the naira.

On Tuesday’s operation, eyewitnesses recounted that the EFCC came in two white buses parked in front of the Musawa House along Constantine Street of Wuse Zone 4.

The anti-graft operatives were seen dragging a BDC operator into one of the waiting vehicles, while people surged towards the officials.

Other EFCC officials stood at an intersection between Sheraton Hotel and Constantine Street adjacent to Abacha Estate in the Wuse area as vehicular traffic grew.

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