Nigerian security operatives, including police and Economic and Financial Crimes Commission (EFCC) personnel, went after Bureau De Change (BDC) operators in the Sabo area of Ibadan, Oyo State, News About Nigeria reports.
Sabo, a prominent area in Ibadan, is known as the hub of the Bureau de Change in the state.
A video posted by Oyo Affairs on social media showcased a convoy of armed security personnel slowly moving on Sabo Road in Ibadan.
In the video, a voice said; “These people are idiots; they are just arresting people anyhow.”
The nationwide clampdown on individuals involved in currency racketeering comes in response to the continuous depreciation of the naira against major foreign currencies.
On Wednesday, the official market reported a record low for the naira against the dollar, with the exchange rate reaching N1780.
The parallel market recorded a bigger decline, with the naira exchanging for N1980 to $1.
Earlier in the week, a similar operation took place in the Federal Capital Territory, Abuja, where over 100 BDC operators were arrested.
The ongoing raids have been conducted by the EFCC and other security agencies under the directive of the National Security Adviser, Nuhu Ribadu.
Despite the arrests and crackdowns, the naira’s depreciation continues. This has raised concerns about the effectiveness of the measures taken by the government to stabilise the currency.
The security operatives are targeting unlicensed BDC operators, and the raids have been met with resistance in some instances.
EFCC operatives violently clashed with BDC operators in Wuse Zone 4, Abuja, Federal Capital Territory (FCT), leading to the firing of gunshots.
