Naira: EFCC Storm Bureau De Change Hub In Abuja

metro

2 years ago

Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday stormed Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory,

A source said the raid was a covert operation to dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.

Metrobusinessnews.com reports that the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market.

Director, Corporate Communications at the CBN, Osita Nwanisobi had said the CBN remained committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges.

While admitting that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees and other invisibles, Nwanisobi said the Bank was concerned about the international value of the naira, adding that the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

But Friday’s raid is said to be product of weeks of surveillance in which agents of the EFCC have been monitoring the activities of most of the Bureau de change operators in the Wuse 4 axis.
ALSO READ:CBN Urges Nigerians To Resist Speculative Activities Of FX Players, Admits Demand Pressure
According to Channels Television, 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.

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.

The EFCC spokesperson, Wilson Uwujaren, was not immediately available for comment.