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EFCC Goes After BDC Operators in Wuse, Abuja

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In a bid to clamp down on currency-related offences and stabilize the nation's exchange rate, the Economic and Financial Crimes Commission (EFCC) conducted a surprise raid on Bureau De Change (BDC) operators in the Wuse Zone 4 area of Abuja on Monday.

To clamp down on currency-related offences and stabilise the nation’s exchange rate, the Economic and Financial Crimes Commission (EFCC) conducted a surprise raid on Bureau De Change (BDC) operators in the Wuse Zone 4 area of Abuja on Monday.

Eyewitnesses confirmed the raid, which occurred around noon. As reported earlier, EFCC, in tandem with the Central Bank of Nigeria (CBN), has been intensifying efforts to curb illegal forex activities and bolster liquidity in the foreign exchange market.

During the raid, several BDC operators were apprehended, with some traders subsequently released on bail.

This move by the EFCC has further disrupted trading activities in the market, exacerbating operator concerns.

Speaking anonymously, a trader lamented the impact of the arrests on business operations.

They arrested some persons seen on the street and even pursued others to their offices. We are still looking for N30,000 or N50,000 to bail those arrested on Friday, yet they came again today, the trader told PUNCH.

This recent development follows the EFCC’s statement last Friday announcing the arrest of 34 suspected currency speculators for alleged foreign exchange fraud.

Despite these enforcement efforts, the naira commenced the week on a downward trajectory against the United States dollar.

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