Business
Chaos As EFCC Arrests BDC Operators As Naira Weakens To ₦1,419/$
Traders in the Wuse Zone 4 area of Abuja were reportedly running helter-skelter on Monday after the Economic and Financial Crimes Commission operatives stormed the area.
Latestgist.org learnt that the EFCC conducted an on-the-spot raid and arrested several Bureau De Change operators.
The development was part of ongoing efforts by the EFCC and the Central Bank of Nigeria, CBN, to restore exchange rate stability and boost forex liquidity.
BDC operators trading in the area who spoke with the Punch said the raid happened around Monday afternoon, causing chaos and fear.
The traders who pleaded anonymity due to the sensitivity of the issue said the arrest affected trading activities at the market.
He added that EFCC operatives arrested traders who were only granted bail after paying between N30,000 and N50,000.
He said, “EFCC just raided the market, arresting many operators. They arrested some persons seen on the street and even pursued some persons to their offices. We are still looking for N30,000 or N50,000 to bail those arrested on Friday yet they came again today.”
It would be recalled that last Friday, the EFCC, in a statement, said it arrested 34 suspected currency speculators for alleged foreign exchange fraud.
Despite these efforts, the naira began the week negatively against the United States dollar, closing at N1419.11/$ on Monday, indicating signs of a turbulent week.
Akahi Tutors: PASS AT ONCE in 2023 JAMB, Post UTME, SSCE, Pre-Degree, JUPEB & School of Nursing @ Akahi Tutors, Ile-ife.
At the official market on Monday, the naira traded at a loss, depreciating by N58, or 4.3 percent, from N1,361 last Friday to N1,419 on Monday.
-
News2 years ago
Peruse Rev. Fr. Peter Adeyemi’s Daily Messages for the Month of October 2022
-
News2 years ago
Peruse Rev. Fr. Peter Adeyemi’s Daily Messages for the Month of September 2022
-
News1 year ago
Join Live EASTER SUNDAY Mass Now!
-
News9 months ago
More Nude Videos Of Buba Girl Esther Raphael Leaked Online As Social Media Goes Wild (+18 Videos)
-
News8 months ago
Urgent Appeal for Electricity Restoration and Security in Obalogun Street, Akodi Obalogun, and Oduduwa College Road, Ile-Ife
-
Education3 weeks ago
Update on 2024 UTME Results and SIM Card Loss
-
News1 year ago
Livestream: The Probe discuss press freedom in Ghana
-
Education12 months ago
A brief history of Nigeria universities