In a swift operation, Nigerian security operatives, including officials from the Economic and Financial Crimes Commission (EFCC), conducted raids on several Bureau De Change outlets in the Federal Capital Territory, Abuja, resulting in the arrest of over 100 operators. These raids come amidst a significant decline in the country’s currency value.
Reports from SaharaReporters indicate that the Nigerian naira has plummeted to unprecedented levels, with exchange rates reaching N1980 to $1 on the parallel market and N1780 on the official market.
This rapid depreciation has prompted the government’s crackdown on currency speculators, leading to intensified enforcement actions.
The situation has been further compounded by the economic downturn, with the naira experiencing continued devaluation.
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Efforts to stabilize the currency have included directives from the National Security Adviser, Nuhu Ribadu, who instructed various security agencies, including the Nigeria Police Force, EFCC, Nigeria Customs Service (NCS), and Nigeria Financial Intelligence Unit (NFIU), to target forex market speculators.
These measures aim to address volatility in the foreign exchange market and stimulate economic activities.
Recent confrontations between EFCC operatives and BDC operators in Abuja underscore the escalating tensions surrounding currency trading. The use of firearms to enforce closures and deter trading highlights the severity of the situation.
Earlier interventions, including the closure of Bureaux De Change in Abuja, have failed to arrest the decline of the naira.
The Abuja chapter of the Association of Bureau De Change (BDC) Operators has announced the indefinite closure of their business premises, citing scarcity of US dollars exacerbated by online banking and cryptocurrency transactions.
Protests against the economic hardships imposed by Tinubu’s administration have erupted in various parts of the country, including Ibadan, Minna, and Suleja.
Demonstrators have voiced grievances over rising inflation, food prices, and fuel costs, demanding urgent government intervention to alleviate their suffering.
As tensions escalate, armed police officers have been deployed to protest locations to maintain law and order, highlighting the growing unrest among citizens facing economic hardships.EFCC
