Security Raids Lead to Arrest of Over 100 BDC Operators in Abuja as Naira Falls to N1980 Per $1

By Medinat - Editor
Security Raids Lead to Arrest of Over 100 BDC Operators in Abuja as Naira Falls to N1980 Per $1

In a significant development reflecting the ongoing economic challenges in Nigeria, security operations, spearheaded by officials of the Economic and Financial Crimes Commission (EFCC), targeted Bureau De Change (BDC) outlets across Abuja. The crackdown resulted in the arrest of more than 100 operators amid the continued depreciation of the country’s currency.

Reports indicate that the Nigerian naira experienced a historic low against the dollar on the official market, with the exchange rate reaching N1980 to $1 on the parallel market and N1780 on the official market. This decline in the value of the naira persists despite government efforts to curb currency speculation.

According to sources familiar with the situation, the raids on BDCs were prompted by the escalating exchange rate, with the government seeking to address the instability in the foreign exchange market. Despite these measures, the naira’s value continued to plummet, necessitating further interventions.

The National Security Adviser, Nuhu Ribadu, issued directives to various security agencies, including the Nigeria Police Force, EFCC, Nigeria Customs Service, and Nigeria Financial Intelligence Unit, to crack down on forex market speculators. This directive came amidst concerns that certain individuals and organizations were undermining efforts by the Central Bank of Nigeria to stabilize the foreign exchange market and stimulate economic activities.

These operations were not confined to Abuja but also extended to other major cities such as Lagos, Port Harcourt, and Kano, where unlicensed BDC operators were targeted. Instances of clashes between EFCC operatives and BDC operators have been reported, indicating the severity of the situation.

Earlier initiatives, including the closure of BDCs in Abuja and the involvement of the Department of State Services (DSS) to enforce these closures, reflect the government’s determination to address the economic challenges facing the country. However, protests in various parts of the country, including Ibadan, Minna, and Suleja, underscore the widespread discontent over the prevailing economic conditions.

In summary, the security raids on BDC operators in Abuja, coupled with the continued depreciation of the naira, highlight the urgency of addressing economic challenges and restoring stability to Nigeria’s currency and financial markets.

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