The Economic and Financial Crimes Commission (EFCC), following continued Naira fall, has clamped down on Bureau De Change (BDCs) operators involved in forex racketeering in Kano and other states.
According to sources at the EFCC, the move is to safeguard Nigeria’s foreign exchange (FOREX) market and combat speculative activities.
The EFCC source who asked not to be named said the commission’s concerted effort is to identify and bring to justice BDCs operators engaged in illegal forex activities, including those involving foreign exchange speculation and other fraudulent practices.
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“The commission is determined to ensure that the foreign exchange market operates in a fair and transparent manner and that Nigeria’s economy is protected from criminal activities that could lead to its destabilization,” the source said.
In Kano on Wednesday, EFCC operatives were said to have raided BDC operators at Wapa, Fagge local government area of the state with almost ten vehicles fully armed.
Some of the BDC operators expressed surprise and sadness over the incessant invasion of their business premises by the anti-graft agency whenever there is a surge in the price of foreign exchange especially dollars which is not their making.
“Yes they arrested some of our colleague BDC operators accusing us of the fall in the value of naira.
“BDC operators at Wapa under the leadership of Alhaji Sani Salisu Dada have always been cooperating with the authorities so as to ensure that we do not operate outside the guidelines of our activities,” a BDC operator who does not want his name out as he was not authorized to speak with the media.
Numerous viral videos on social media have depicted the EFCC arresting individuals, particularly those connected to bureaux de change. Successive governments have attributed the continuous decline of the naira against the dollar to these individuals.
A video posted by Oyoaffairs on X shows many police officers moving on the streets across Sabo in Ibadan, the Oyo capital.
An X user @Von_Bismark posted online, “Breaking: EFCC just invaded and arrested all BDC operators in Enugu. Is this how to rescue the Naira?
Emefiele tried that, he should (have) asked him how it turned out to be!”
But Dele Oyewale, spokesperson for the EFCC, said the anti-graft agency was going after “unlicensed money changers.”
“Unlicensed operators are behind the exchange rates crisis in this country. Those who are licensed would be guided by the rules and regulations of federal authorities,” Mr Oyewale said.
He added, “So what we’re doing is to go after the unlicensed money changers. It is to separate those who are legitimate BDC operators from the criminal speculators. We need to know where we stand in how we manage our exchange rates.”
The EFCC had formed a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.
On Tuesday, Nuhu Ribadu, the National Security Adviser, directed several law enforcement agencies to crack down on “dollar racketeers“.
The NSA directive came amid an increased rate of the continued decline of the naira against the U.S. dollar across the official and unofficial markets.
According to data published on the FMDQ website, the naira closed at N1,598.54/$1 in the official market on Monday, compared to N1,537.96 in the previous market on Friday. This represents a 3.94 percent depreciation from the previous market rate.
It could be recalled that on Monday EFCC went after some bureau de change operators alleged to have been responsible for the rapid increase in the dollar rate to naira.
Solacebase
