EFCC raids offices of forex traders in Abuja

In a bid to halt the rapid fall of the naira, operatives of the Economic and Financial Crimes Commission on Tuesday raided the offices of black market currency dealers in Abuja on Tuesday.

Traders at the Wuse Zone 4 area of Abuja where currency traders conduct their unauthorized deals, said armed operatives of the EFCC stormed the Sheraton Hotel area of Abuja, arresting Bureaux De Change (BDC) operators.

READ ALSO: Naira continues freefall, hits N815/$1 at parallel market

Naira plunged rapidly between Monday and Tuesday to more than N84/$1 in Abuja a week after the Central Bank of Nigeria said it will replace higher notes to fight counterfeiting, inflation and insecurity.

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.

BDC operators who did not want to be named for fear of arrest, said the dollar sold at N860 as of 1p.m on Tuesday.

“For now, there is no dollar to sell. This morning (Tuesday), a dollar was selling for N850, while I bought a dollar at N840,” the operator said.