EFCC Raids Abuja Zone 4 Market As Naira Crashes Further

The Economic and Financial Crimes Commission (EFCC) took swift action to combat the illegal activities of over 50 Bureau De Change operators in Wuse Zone 4, Abuja.

According to reports, the crackdown came amidst the alarming decline of the Naira in the Foreign Exchange Market.

Dayyabu Mistila, a BDC operator in Wuse Zone 4, revealed to press the events that unfolded during the raid on Monday.

Mistila explained that EFCC operatives cited the escalating exchange rates of the US dollar and other currencies against the Naira as the reason behind their actions.

In his words; “Around 3 pm on Monday, officers of EFCC raided Wuse Zone 4 and arrested over 50 of our members. They were complaining that BDC operators are responsible for the rising exchange rate of the Dollar, the parallel exchange market”.

Inquiring about Monday’s exchange rate, Mistila disclosed that the Dollar traded at N1,660 per unit. This doesn’t align with official FMDQ data, which recorded the Naira plummeting to N1574.62 per US dollar on the same day.

The recent crackdown follows a high-level meeting convened on February 3, 2024, involving the Minister of Finance, Wale Edun, Central Bank of Nigeria Governor, Olayemi Cardoso, and EFCC Chairman, Ola Olukoyede. The meeting aimed to address the persistent devaluation of the Naira in the FX market, highlighting the gravity of the situation and the urgency for collaborative interventions.