EFCC’s Special Task Force raids Abuja Bureau de Change, arrests 50

In ongoing efforts to stabilize the nation’s deteriorating currency, the Economic and Financial Crimes Commission (EFCC) conducted a raid on several Bureau de Change businesses in Wuse Zone 4, Abuja on Monday.

Reports indicate that approximately 50 illicit Bureau de Change operators were apprehended during the operation. This move by the EFCC is part of a broader initiative responding to the devaluation of the Naira, wherein the anti-graft agency established a Special Task Force across its commands to combat the mutilation of the currency and the dollarization of the Nigerian economy.

The spokesperson for the EFCC, Dele Oyewale, had earlier confirmed this development in a statement released on Wednesday, February 7, 2024. The statement explained that the task force, initiated by the Executive Chairman, Ola Olukoyede, aims to enforce existing laws against currency mutilation and safeguard the economy from potential abuses, leakages, and distortions that could lead to instability.

Dayyabu Mistila, a Bureau de Change operator, verified the search and subsequent arrests to the media. He revealed that the EFCC operatives asserted that the raid was prompted by the escalating exchange rate of the dollar and other currencies against the Naira in the forex market.

“On Monday, around 3 pm, EFCC officers raided Wuse Zone 4 and detained over 50 of our members. They expressed concerns that BDC operators were contributing to the rising exchange rate of the dollar at the parallel exchange market,” Mistila stated.

A video circulating online captured the dramatic moment when EFCC agents stormed the Bureau de Change, firing shots into the air to disperse operators attempting to surround them. The incident underscores the intensified measures being taken to address the challenges posed by the currency depreciation and its impact on the national economy.