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

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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. 

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