EFCC Raids BDCs in Kano, Abuja, and Oyo as Dollar Hits N1,900

The Economic and Financial Crime Commission (EFCC) has launched a crackdown on currency exchange operators in Kano, Abuja, and Oyo.

This comes after the National Security Adviser, Mallam Nuhu Ribadu, ordered a crackdown on currency speculators, leading to the arrest of many operators in the famous Kano currency exchange market, WAPA.

The crackdown is aimed at addressing the issue of dollar hoarding and unregistered bureau de change operators.

In the early hours of Wednesday, the operatives of the EFCC surrounded the dollar exchange section of the WAPA market in Kano and apprehended many operators.

The WAPA currency exchange market Chairman, Alhaji Sani Salisu Dada, confirmed the raid, stating that normal activities had returned in the market, and the association was ready to comply with the authorities.

In Sabo, Ibadan, the operatives also raided Bureau De Change operators over an alleged naira/dollar exchange hike.

The current trading rate in the market is around N1900 to N1,940, and the operatives confiscated a lot of cash and arrested ten people, including some who were not involved in the exchange business.

Similarly, the operatives raided BDCs in Wuse Zone 4, Abuja, as part of their crackdown on currency speculators.

The crackdown on BDCs has led to a significant decline in the dollar exchange rate, which had hit N1,900 before the raids.

The crackdown on currency exchange operators is a crucial step in stabilizing the Nigerian economy and addressing the issue of currency speculation.

The authorities are determined to ensure that unregistered operators are brought to book and that the exchange rates are stabilized.