EFCC Raids Abuja Bureau De Change Operators Over Dollar Scarcity

EFCC Raids Abuja Bureau De Change Operators Over Dollar Scarcity

July 30, 2022 0 By Fasholu Gabriel Oluwatobi

Operatives of the Economic and Financial Crimes Commission on Friday raided Wuse Zone 4 housing most bureau de change operators in Abuja.

The EFCC operatives were said to be investigating claims that some individuals are mopping up and hoarding foreign currency thereby causing a scarcity that is driving up the value of the dollar.

The exchange rate between the naira and the US dollar has continued to fall with the naira falling beyond the N700/$1 threshold at the parallel market on Wednesday.

Bureau De Change operators cited a lack of dollars and a surge in demand for the recent uncontrolled uptrend recorded in the market.

A source at the EFCC with knowledge of the matter said the anti-graft agency stormed bureau de change firms in Wuse Zone 4, Abuja, for a covert operation to dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.

“The raid is a product of weeks of surveillance in which agents of the EFCC have been monitoring the activities of most of the bureau de change operators in the Wuse 4 axis.

”We are working on intelligence that some forces with massive naira inflow have mobilised resources and, are busy buying up available foreign currencies especially the US Dollar, to either hoard or smuggle the same out of Nigeria.”

About The Author