Home News Finance Naira Approaches N2000-$1 Despite EFCC Crackdown On Currency Exchange Black Markets
FinanceNews

Naira Approaches N2000-$1 Despite EFCC Crackdown On Currency Exchange Black Markets

549
Naira/Dollar Exchange Chart

In a bid to address the worsening scarcity of the dollar and stem the depreciation of the Nigerian Naira, the Economic and Financial Crimes Commission (EFCC)  launched a targeted operation against illegal currency trading. 

The move comes as the cost of one dollar reached an all-time low of N1,900, racing to N2,000/$1 at the black market, representing a 3.95 percent depreciation in less than 24 hours.

Recall Operatives of the EFCC descended on Bureau de Change operators (BDCs) in the Wuse Zone 4 area of Abuja on Monday, resulting in the arrest of approximately 50 individuals engaged in illicit currency trading. 

Dele Oyewale, the spokesperson for the EFCC, emphasized the agency’s determination to enforce strict measures to safeguard the stability of the Nigerian currency and deter individuals from engaging in illegal currency trading. 

Oyewale stated that the raid and subsequent arrests signify the EFCC’s proactive approach to addressing economic crimes and collaborating with relevant stakeholders to maintain the stability and integrity of the Nigerian financial system.

The EFCC’s Special Task Force, deployed across its commands, is dedicated to combating activities such as the mutilation of the Naira and the unauthorized use of foreign currency. 

About The Author

Related Articles

EducationNews

Namibia’s New President to Offer Free University Education from 2026

Namibia will scrap tuition and registration fees at public universities and technical...

NewsSecurity

Gunmen Abduct 35 Passengers in Separate Attacks Along Akwa Ibom-Cross River Waterways and in Benue

At least 15 passengers were abducted by gunmen on Thursday along the...

FinanceNews

Stephen Akintayo Advertises $18,000 Mentorship Programme Amid Multiple Fraud Allegations

Nigerian entrepreneur Dr. Stephen Akintayo has been criticised after launching a high-priced...

Nigeria's Inflation is Not Looking Good, NBS 2024 Report Shows
FoodNews

SBM Survey Shows Worsening Food Insecurity in Nigeria and Ghana

A recent report by SBM Intelligence has shown that food insecurity is...