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Forex Volatility: EFCC raids Bureaux de Change over Naira devaluation

Dollars and Naira in Forex Market

*The Economic and Financial Crimes Commission discloses the sweeping raid idea is designed to dislodge currency speculators reportedly massively mopping up all available foreign currencies in the Nigerian economy, says a close source

Alexander Davis | ConsumerConnect

Against the recent free fall of the Naira, Nigeria’s national currency, against the US Dollars reportedly instigated by Forex speculators, operatives of the Economic and Financial Crimes Commission (EFCC) have raided Wuse Zone 4, home to most Bureaux de Change in Abuja, FCT.

It was learnt the operatives of the anti-graft regulatory agency conducted the raid in the FCT and other locations across the West African country barely days after the Central Bank of Nigeria (CBN) blamed  speculators of exacerbating the crash of the Naira against the Dollar and other foreign currencies.

Agency report quoted a reliable source Friday, July 29 at the Commission, in Abuja, disclosed that the raid was a product of weeks of covert operation in the Foreign Exchange (Forex) market.

“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 the EFCC monitored the activities of most of the Bureaux de Change operators in the Wuse 4 axis,” said the source.

The source further indicated that 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 coordinated operation and will be extended to major commercial cities of Kano, Lagos and Port Harcourt,” the source added.

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