Nigerian security forces, including officials of the Economic and Financial Crimes Commission (EFCC), conducted raids on several Bureau De Change (BDC) outlets in the Federal Capital Territory, Abuja, leading to the arrest of over 100 operators amidst the country’s currency hitting a new low.
The naira plummeted to a record low against the dollar on the official market, with reports indicating an exchange rate of N1980 to $1 on the parallel market and N1780 on the official market, further exacerbating the decline.
Sources familiar with the situation revealed that the ongoing crackdown on BDC operators has not deterred the depreciation of the naira, with the official rate reaching N1780, while the parallel market soared to N1980 per dollar.
This intensified government action comes amid President Bola Tinubu’s administration’s efforts to curb speculation in the foreign exchange market, with the Nigerian government deploying various agencies, including the EFCC, the Nigeria Police Force, the Nigeria Customs Service, and the Nigeria Financial Intelligence Unit to clamp down on currency speculators.
Despite these measures, the naira’s value continues to deteriorate, prompting authorities to intensify their efforts, including the recent raid on BDC hubs in major cities like Abuja, Port Harcourt, Lagos, and Kano.
Reports indicate that clashes between EFCC operatives and BDC operators have occurred, leading to the forced closure of some BDCs to mitigate the free fall of the naira. The use of firearms by security forces has been reported in some instances to enforce compliance.
Earlier interventions by the government, including the closure of BDCs and directives to stabilize the currency, have yet to yield significant results, as the economic situation continues to worsen.
Protests against the economic hardship caused by the policies of President Tinubu’s administration have erupted in various parts of the country, with demonstrators demanding an end to rising inflation, food scarcity, and other socio-economic challenges.
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