By using our website, you agree to the use of our cookies.

Advertisement

2023 GOVERNORSHIP AND
STATE HOUSE OF ASSEMBLY ELECTIONS

  • days
  • Hours
  • Minutes
  • Seconds
🇳🇬 👍 🇳🇬
Naira-Dollar: EFCC raids Bureau De Change 
News

Naira-Dollar: EFCC raids Bureau De Change 

Advertisement

Naira-Dollar: EFCC raids Bureau De Change

Operatives of the Economic and Financial Crimes Commission on Friday raided the Wuse Zone 4 bureau de change hub of Abuja over the falling naira.

Advertisement

It was learnt that the EFCC operatives are investigating claims that some individuals are mopping up and hoarding foreign currency thereby causing a scarcity that is driving up the value of the dollar.

An EFCC detective who wished to remain anonymous said, “It is true. We stormed bureau de change firms in Wuse Zone 4, Abuja, for a covert operation to dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.

“The raid is a product of weeks of surveillance in which agents of the EFCC have been monitoring the activities of most of the bureau de change operators in the Wuse 4 axis.

Advertisement

“The anti-graft agency is working on intelligence that some forces with massive naira inflow have mobilised resources and, are busy buying up available foreign currencies especially the US Dollar, to either hoard or smuggle the same out of Nigeria.”

It was also learnt that some operatives of the commission had been deployed at the Murtala Muhammed International Airport, Lagos and the Nnamdi Azikiwe International Airport, Abuja as part of a coordinated operation to halt the activities of currency speculators.

The Spokesman for the EFCC, Wilson Uwujaren, could not be reached for comment on Friday.

The Central Bank of Nigeria has in recent times come under criticism for failing to stabilise the naira which has continued to dip against major currencies.

Advertisement

The ruling All Progressives Congress had in 2015 promised to stabilise the exchange rate which stood at about N200/$1 on the black market at the time.

However, the naira hit an all-time low of N710 to the dollar earlier in the week, attracting criticisms from the opposition. The naira has, however, remained stable at N420/$1 on the official market

(Punch)

Advertisement


Disclaimer

Contents provided and/or opinions expressed here do not reflect the opinions of The Pacesetter Frontier Magazine or any employee thereof.

Support The Pacesetter Frontier Magazine

It takes a lot to get credible, true and reliable stories.

As a privately owned media outfit, we believe in setting the pace and leaving strides in time.

If you like what we do, you can donate a token to us here. Your support will ensure that the right news is put out there at all times, reaching an unlimited number of persons at no cost to them.

Related posts

Leave a Reply

Required fields are marked *