Forex Crisis: EFCC Visits BDC Hubs In Lagos On Fact Finding Mission

Just like they did in Abuja about a week ago, operatives of the Economic and Financial Crimes Commission (EFCC), Lagos Command, have visited some of the hubs of the Bureau De Change (BDC) operators in Lagos on what has been described as a “fact finding mission”.

Eye-witnesses who craved anonymity said the operatives were seen at the international and local wings of the Murtala Mohammed Airport, the Hadji Camp and the offices of the Federal Airport Authority of Nigeria (FAAN) in Ikeja.

Other places the operatives reportedly visited include the popular Broad street, off Balogun Market in the Lagos Island area and the Federal Palace Hotel in Victoria Island.

However, sources close to the Commission confirmed the visit and hinted that that the operation revealed that most of the licensed BDC operators are selling dollars between N610 and N630.

The visit of the anti-graft agency is said to be connected with the current crisis in the foreign exchange market, which the Central Bank of Nigeria (CBN) has said is fuelled by speculation, and has seen the naira rising to over 700 to a dollar

Some of the BDC operators told our correspondent that they are not willing to sell because they are out of stock and weary of the uncertainty in the market

“As at today those who bought at N700 are now selling at a lost. The current rate is about N610 and N620,” one BDC operator said.