EFCC arrests Bureau De Change operators in Wuse Zone 4 Market

Operatives from the Economic and Financial Crimes Commission (EFCC) carried out arrests of Bureau De Change (BDC) operators at the bustling Wuse Zone 4 market. Reports indicate that the arrests occurred amidst a routine raid aimed at curbing street trading and unauthorized currency transactions.

According to witnesses present during the operation, some Bureau De Change operators resisted the arrest, leading to a confrontation with the EFCC operatives. Gunshots were fired, and vehicles belonging to the operatives were damaged during the altercation.

Witnesses, who preferred to remain anonymous, revealed that the resistance stemmed from frustration over what they perceived as frequent and arbitrary arrests by the EFCC, allegedly for extortion purposes.

Expressing concern over the escalating situation, one trader warned that continued raids could potentially result in fatalities. The trader emphasized that the current approach of the anti-corruption agency seemed to focus more on extracting money from the traders rather than addressing the underlying issues.

Despite the EFCC’s recent crackdown on suspected currency speculators and fraudulent Bureau De Change operators, the value of the naira continues to plummet. Traders disclosed that they bought the dollar at N1,400 and sold it at N1,425 per dollar, with a slim profit margin of N25. This marks a decrease from the previous day’s rate of N1,430.

Market volatility remains a pressing concern for traders like Malam Yahu, who expressed uncertainty about future trading patterns. Yahu highlighted the challenges of predicting market trends amidst fluctuating exchange rates and sporadic law enforcement actions.

Meanwhile, official market data from the Financial Markets Dealers Quotation (FMDQ) exchange securities revealed a depreciation of the naira to N1,416/$, compared to N1,354/$ recorded the previous day.