EFCC Bust Black Market Currency Dealers in Kano, Arrests 8 as Naira Continues Free Fall
- The EFCC has again raided black market currency dealers in Kano
- The arrested persons were operating in foreign exchange operations without a license.
- The exchange rate between the naira and the dollar continues to widen in the parallel market.
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Officers of the Economic and Financial Crimes Commission, Kano Zonal Command have stormed the Bureau de Change market in Kano, arresting no less than eight persons.
The officers, according to Punch were said to have stormed the market in an effort to arrest Bureau de Change operators and curb the incessant hike in foreign exchange.
Source: Getty Images
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The anti-graft agency is said to have been on close watch of the activities of illegal forex traders which has negatively affected the value of the naira.
It was also gathered that the arrested persons were operating in foreign exchange operations without a license. The Commission is yet to publicly comment on the arrests and if the suspects would be prosecuted.
EFCC raid Abuja Bureau de change offices
It would be recalled that Legit.ng earlier reported that the EFCC raided the offices of Bureau de change operators in Abuja.
According to reports, several black market currency dealers were arrested in the course of the raid. It was also reported that the EFCC operatives who were fully armed were seen dragging the black market currency dealers into waiting vans, as bystanders gathered to watch the drama.
Nigerians rush to buy dollars as CBN deadline for old notes nears
The rush to stack up dollars has forced the naira to fall to as much as N900, according to checks by Legit.ng. Part of the reason for the free fall of the naira stems from the panic to meet the Central Bank of Nigeria's January 31 deadline for the deposit of old N200, N500 and N1000 notes with commercial banks.
The redesign plan seems to be causing holders of dollars to continue to hoard the currency following uncertainty on how the new naira notes will be distributed. Many have lost confidence in the value of the naira and are therefore hoping to store their liquid assets in a stronger and more stable currency, which is the doll. So for now, there is a case of too much naira and far fewer dollars in the system.
Source: Legit.ng
