On Tuesday, operatives from the Economic and Financial Crimes Commission (EFCC) reportedly conducted a raid at the bustling Wuse Zone 4 market, targeting Bureau De Change (BDC) operators. Witnesses revealed that some BDC operators resisted the arrest during the operation.
According to witnesses, the EFCC operatives were engaged in routine raids aimed at curbing street trading and unauthorized currency transactions in the market. However, Tuesday’s operation faced strong resistance, resulting in gunshots and damage to the EFCC vehicles.
Traders expressed frustration, suggesting that such frequent arrests were seen as attempts to extort money rather than combatting illicit activities. One trader, preferring anonymity, highlighted the escalating tension, indicating that continued raids could lead to violent confrontations.
Another trader echoed similar sentiments, warning that persistent raids might escalate into fatal incidents. Allegations were made that after arrests, the EFCC often demanded bribes without taking further action against offenders, exacerbating frustrations among traders.
The EFCC’s renewed crackdown aims to stabilize the naira amidst concerns over currency speculation and fraud. In recent weeks, the commission has arrested numerous individuals suspected of engaging in foreign exchange fraud, including over 20 BDC operators in the capital city.
Regarding exchange rates, BDC operators reported purchasing the dollar at N1,400 and selling at N1,425 per dollar, with a profit margin of N25. This marked a slight decrease from the previous day’s rate of N1,430.
Market traders expressed apprehension due to currency fluctuations, making it challenging to predict future rates. Some traders opted to abstain from transactions following the day’s arrests, citing uncertainty in the market.
Official market data revealed a depreciation of the naira against the dollar, raising concerns about rapid fluctuations. The intraday high and low indicated volatility, with a notable increase in the volume of dollars supplied by buyers and sellers.
Overall, the situation underscores the complexities and challenges facing efforts to stabilize the currency market amidst ongoing regulatory actions and market dynamics.
