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EFCC Raids Illegal Bureau de Change Operators In Abuja, Arrests 50



EFCC Raids Illegal Bureau de Change Operators In Abuja, Arrests 50

Operatives of the Economic and Financial Crimes Commission (EFCC) conducted a raid on Bureau de Change operators in the Wuse Zone 4 area of Abuja on Monday.

News About Nigeria gathered that approximately 50 illegal operators were arrested during the operation, which aimed to curb the illicit mutilation of the naira and the dollarisation of the Nigerian economy.

The EFCC had earlier raised a Special Task Force across its zonal commands to enforce existing laws against currency mutilation and the dollarisation of the economy.

In a press release by the EFCC spokesperson, Dele Oyewale, on February 7, 2024, the move was initiated to safeguard the economy from abuses, leakages, and distortions that could lead to instability and disruption.

Confirming the raid and subsequent arrests, a Bureau de Change operator, Dayyabu Mistila, revealed that EFCC officers justified the raid by citing concerns about the dollar’s and other currencies’ increasing exchange rates against the naira in the foreign exchange market.

Mistila mentioned that the raid occurred around 3 pm on Monday, with EFCC operatives accusing BDC operators of contributing to the escalating exchange rate of the dollar in the parallel market.

While official FMDQ data indicated that the naira dropped to N1,574.62 per dollar on Monday, Mistila revealed that they exchanged a dollar for N1,660. A viral video captured the moment EFCC operatives stormed the BDC, firing shots in the air to disperse operators attempting to surround them.

As of the time of reporting, EFCC spokesperson Dele Oyewale could not be reached for comment on the matter.