BREAKING: Dollar crashes massively against naira at black market

For the third time in one week, the Economic and Financial Crimes Commission (EFCC) shut down illegal Bureau De Change operations in Wuse Zone 4, Abuja.

This move came as the Naira strengthened against the US dollar in the parallel foreign exchange market.

According to a Bureau De Change operator, EFCC operatives conducted a raid that led to the closure of BDC operations in Wuse Zone 4 for the day. Dayyabu emphasized that no BDC operator was conducting foreign exchange transactions in the area. “There’s no business happening in Wuse Zone 4 right now. EFCC activities have halted market operations,” he remarked.

When questioned about the prevailing Naira to USD exchange rate, Dayyabu responded, “I can’t provide the rate because trading isn’t occurring currently. We’re hesitant to make purchases to avoid potential losses. Moreover, we’re unable to sell because we can’t ascertain the rate. Some claim it’s N1,450 per USD, while others state it’s N1,750 per USD.”

Another BDC operator stated on Thursday that he had ceased both buying and selling USD due to market uncertainties.
“I’ve suspended transactions to assess the situation. BDC operations in Wuse Zone 4 are inactive. Despite receiving numerous calls from customers, I couldn’t assist them,” he explained.