EFCC nabs BDC operators as naira sells 1,416/$

The Economic and Financial Crimes Commission (EFCC) allegedly arrested some Bureau de Change operators at the renowned Wuse Zone 4 market on Tuesday.

This happened as traders claimed some BDC operators resisted arrest during a sting operation.

The operators had conducted routine raids to clean up the street traders’ market and eradicate arbitrary trading.

However, the effort was thwarted on Tuesday, resulting in gunshots and damage to the operative’s vehicles, according to two currency merchants who observed the incident.

One of the traders, who wanted not to be named for fear of retaliation, stated that the traders acted out of irritation because the arrests were getting too frequent and that they were merely extorting money from them.

He said, “EFCC guys came to raid and make an arrest on Monday, and they came today (Tuesday), but today’s operation was too strong.

“This is the issue we are facing. Yesterday (Monday), they arrested traders, but they were attacked again today, and gunshots were fired because our people tried to resist the arrest. They were provoked and frustrated. They even broke the glasses of the EFCC vehicles today, and that means people are getting tired and desperate.”

Another trader who confirmed the incident cautioned that the anti-corruption body’s repeated raids could result in killings.

The trader, who also requested anonymity, said, “If this thing continues like this, that means they would kill people because if they try to arrest next time, nobody would agree and another person would gather together so that nobody would be taken.

“That happened today. People are now turning because all they do after arrest is collect money from us. Nothing else is done. They are frustrating to use.’

The EFCC had resumed raids to stabilize the naira.

Last week, the EFCC arrested over 35 accused currency speculators for alleged foreign exchange fraud.

Last week, it also displayed around 20 BDC operators who had been arrested in the capital.

Regarding the rates, the operators stated that they purchased the dollar for N1,400 and sold it for N1,425 per dollar, leaving a profit margin of N25.

It also showed an N5 decrease from the N1,430 it sold on Monday.

Malam Yahu, a trader, worried about market volatility, saying it was now difficult to predict what rates would trade at.

He said, “Right now, the market is just fluctuating; the naira is not stable at all, and that’s why we are even skeptical about buying now. We can’t even predict how the market will trade.

“For instance, after today’s arrest, I didn’t buy or make sales to avoid a loss. I bought it earlier today at N1,400 and sold it at N1,425.

“We have also noticed that once the prices go up, there will be scarcity because they would expect the naira to drop further, but if it’s at a loss, they would then rush to sell it off.”

At the official market, statistics received from the FMDQ exchange securities revealed that the currency depreciated to N1,416/$, down from N1,354/$ on Monday.