Naira Crash: Bureau De Change Operators in Trouble As EFCC Launch Vicious Raid in Abuja
- In a bid to stabilize and reform the exchange rate between the Dollar and the Naira, the EFCC has sought to intervene
- According to reports, operatives of the EFCC on Friday, July 29 launched a raid on bureau de change operators in Abuja
- It was gathered that the raid was meant to dislodge currency speculators lurking around the Wuse Zone 4 axis of Abuja
FCT, Abuja - Following the recent crash of the Naira to the Dollar by N710 to $1, an emerging report has confirmed that the Economic and Financial Crimes Commission (EFCC) launched a covert operation on bureau de change operators in Abuja.
As reported by Channels TV, the raid by the anti-graft commission was launched on Friday, July 29 at the Wuse zone 4, the central hub of the bureau de change operators.
Source: Facebook
Legit.ng gathered that the raid was launched to clear out currency speculators who are alleged to be massively mopping up available foreign currencies.
Why EFCC raided bureau de change operators in Abuja
According to sources, the EFCC operation was initiated following weeks of surveillance and intelligence gathering in the central hub of the Bureau de change operators.
PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!
The anti-graft agency is said to be working on intelligence that some forces with massive naira inflow have mobilized resources and are busy buying up available foreign currencies, especially the United States dollar, to either hoard or smuggle the same out of Nigeria.
According to ThisDay newspaper, some operatives of the Commission have also been spotted at major airports in the country, in what a source said is a coordinated nationwide operation that will be extended to all the major commercial cities such as Kano, Lagos, and Port Harcourt.
There has lately been a run on the value of the Naira with the currency exchanging for over N700 to a dollar.
Source: Legit.ng
