Falling Naira:EFCC raids Bureaux De Change, others

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The Economic and Financial Crimes Commission
(EFCC) operatives, on Friday, raided Wuse Zone 4, home to most bureaux de change in Abuja.

EFCC arrests man with 41 ATM cards in Abuja

The raid, conducted on other locations across the country, was undertaken days after the Central Bank of Nigeria (CBN) blamed currency speculators of exacerbating the crash of the naira against the dollar and other foreign currencies.

An authoritative source at the commission said in Abuja that the raid was a product of weeks of covert operation.

“The idea is to dislodge currency speculators who are massively mopping up all available foreign currencies.

“The raid was a product of weeks of surveillance where agents of EFCC monitored the activities of most of the bureaux de change operators in the Wuse 4 axis,’’ he said.

According to the source, enough intelligence was gathered that some people with massive naira inflow had mobilised resources and are buying up available foreign currency, especially the dollar.

“Similar operation has also been carried out at major airports in the country.

“It’s a nationwide co-ordinated operation and will be extended to major commercial cities of Kano, Lagos and Port Harcourt,’’ the source added.

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