Naira vs Dollar: EFCC raids Bureaux de Change operators

Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday raided Wuse Zone 4, home to most bureaux de change in Abuja.

The raid, conducted in other locations across the country, was undertaken days after the CBN blamed currency speculators for exacerbating the crash of the naira against the dollar and other foreign currencies.

An authoritative source at the EFCC told the News Agency of Nigeria (NAN) in Abuja that the raid was a product of weeks of a covert operation.

“The idea is to dislodge currency speculators who’re massively mopping up all available foreign currencies,” the source said.

According to the source, enough intelligence was gathered that some people with massive naira inflow had mobilised resources and are buying up available foreign currency, especially the dollar.

“Similar operations have also been carried out at major airports in the country.

“It is a nationwide coordinated operation and will be extended to major commercial cities of Kano, Lagos and Port Harcourt,” he added.

Efforts to get official confirmation on the raid from EFCC spokesperson, Wilson Uwujaren, were not successful as his phone was switched off.

Attah Aaron

Attah Aaron has spent over six years with Idoma Voice. He writes on religion and health.

Recent Posts

BREAKING: Bishop David Abioye announces new ministry, holds programme in Abuja stadium

Few weeks after his resignation from Living Faith Church, Bishop David Abioye is set to…

6 hours ago

Danny Jordaan: South African FA president arrested on fraud charges

Danny Jordaan, president of the South African Football Association (SAFA), was arrested and charged on…

11 hours ago

Edo: Gov Okpebholo sacks perm secs, dissolves boards cabinet reshuffle

Just 24 hours after being sworn in as Governor of Edo State, Senator Monday Okpebholo…

12 hours ago

Troops foil bandit attack in Taraba, recover weapons

Troops of the Nigerian Army’s 93 Battalion, under Operation SAFE HAVEN, successfully thwarted a bandit…

12 hours ago

PDP National Chairmanship and the deluge Of Engr Utaan’s endorsements

By Sunday Bamidele The race for who emerges as the next National Chairman of Peoples…

15 hours ago

BREAKING: Petrol-laden tanker explodes in Jigawa

A fuel-laden tanker has caught fire in Jigawa State, located in North West Nigeria. The…

15 hours ago