Falling Naira: EFCC raids Bureau de change operators in Abuja

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The operative of the Economic and Finance Crime Commission (EFCC) on Friday raided Wuse Zone 4, Abuja home to most bureau de change operators to arrest the perpetrators of the financial crime over the falling naira.

Wakadaily gathered that the covert operation was targeted at apprehending currency speculators who are alleged to be massively mopping up available foreign currencies in the city thereby compounding Nigeria’s financial woes.

The anti-graft agency is believed to be working on intelligence that some forces with massive Naira inflow mobilised resources and are busy buying up available foreign currencies especially the United States dollar to either hoard or smuggle the same out of Nigeria.”

Recall that in the last few weeks, the naira has experienced further depreciation, dropping from about N580 to N707 per dollar at the parallel section of the foreign exchange market.

 

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Queen Ferry
Queen Ferry
Chinyere Treasure Ikechukwu also known as Queen Ferry, is a Nigerian business Executive, social media savvy Journalist and Content Editor with over seven years experience. She serves as the Vice-Chairman of Naijatraffic Limited. If Treasure is not researching/blogging, she will be making delicious delicacy.

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