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

462
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

Nigeria’s inflation rebasing
FinanceNews

Nigeria’s Inflation Drops to 24.48% After CPI Rebasing, Hardship Persists 

Nigeria’s inflation rate fell to 24.48 per cent in January 2025 from...

Nigerian subscribers have expressed outrage following Airtel Nigeria’s decision to increase its data and call tariffs, raising the cost of various data bundles and increasing call tariffs from 18 kobo per second to 25 kobo per second.
News

Subscribers Lament as Airtel Increases Data and Call Price by 50 per cent

Subscribers have expressed outrage following Airtel Nigeria’s decision to increase its data...

Manufacturers
BusinessNews

Manufacturers Association Says “Sector Is on Its Last Breath,” Tells FG to Stop Interest Rate Hikes

The Manufacturers Association of Nigeria (MAN) has raised alarm over the deteriorating...

BusinessNews

Commuters Say Niger Republic Has Begun Restricting Travellers with Only ECOWAS Passport

Niger Republic has started imposing restrictions on Nigerians using the ECOWAS passport,...