Naira Fall: EFCC Raids Foreign Exchange Operators Quarter in Abuja
Agents of the Economic and Financial Crimes Commission (EFCC) raided Abuja's Wuse Zone 4 area on Friday, searching for currency speculators in the booths of traders in the area's bureau de change, reports PREMIUM TIMES.
According to an EFCC source familiar with the development, the anti-corruption agency has invaded premises occupied by operators to arrest currency speculators who are accused of massively mopping up available foreign currency.
How the commission operators intended to identify the perpetrators was not immediately clear to our reporter.
While it is not clear if any of the currency exchangers were arrested, a source said the raid was the result of weeks of surveillance during which EFCC agents monitored the activities of operators in the neighborhood.
“The raid is the product of weeks of surveillance during which EFCC agents monitored the activities of most of the Bureau de Change operators in the Wuse 4 axis,” the source said.
When contacted, commission spokesperson Wilson Uwujaren was not available for comment.
Mr. Uwujaren did not respond to calls and text messages to his known phone number.
Last week, the Central Bank of Nigeria (CBN) declared that 'taking money from banks to buy dollars' was illegal.
Speaking at the Monetary Policy Committee (MPC) meeting in Lagos, CBN Governor Godwin Emefiele threatened to ensure the arrest and prosecution of any perpetrators caught in the act.< /p>
According to EFCC sources, the commission is expanding its operations to other parts of the country, particularly major commercial cities such as Kano, Lagos and Port Harcourt.
READ ALSO: Naira Sees Slight Rebound After Record Drop As Senate Summons CBN GovernorThe source, who asked not to be named because there was no clearance to speak to the press on the matter, also said some of his agents have been stationed at major airports of Nigeria to arrest the perpetrators involved in the purchase of available foreign currency. .
“The anti-corruption agency is said to be working on intelligence that some forces with a massive influx of Naira have mobilized resources and are busy buying up available foreign currency, especially the US dollar, to hoard or smuggle into smuggling the same putty from Nigeria.
“Some Commission agents have also been spotted at major airports across the country. There has been a run on the value of the Naira recently, with the currency trading for over N700 to the dollar.”
In recent weeks, the naira has continued to fall against the dollar. On Thursday, the naira crashed to over 700 naira to the dollar in the parallel market.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
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Agents of the Economic and Financial Crimes Commission (EFCC) raided Abuja's Wuse Zone 4 area on Friday, searching for currency speculators in the booths of traders in the area's bureau de change, reports PREMIUM TIMES.
According to an EFCC source familiar with the development, the anti-corruption agency has invaded premises occupied by operators to arrest currency speculators who are accused of massively mopping up available foreign currency.
How the commission operators intended to identify the perpetrators was not immediately clear to our reporter.
While it is not clear if any of the currency exchangers were arrested, a source said the raid was the result of weeks of surveillance during which EFCC agents monitored the activities of operators in the neighborhood.
“The raid is the product of weeks of surveillance during which EFCC agents monitored the activities of most of the Bureau de Change operators in the Wuse 4 axis,” the source said.
When contacted, commission spokesperson Wilson Uwujaren was not available for comment.
Mr. Uwujaren did not respond to calls and text messages to his known phone number.
Last week, the Central Bank of Nigeria (CBN) declared that 'taking money from banks to buy dollars' was illegal.
Speaking at the Monetary Policy Committee (MPC) meeting in Lagos, CBN Governor Godwin Emefiele threatened to ensure the arrest and prosecution of any perpetrators caught in the act.< /p>
According to EFCC sources, the commission is expanding its operations to other parts of the country, particularly major commercial cities such as Kano, Lagos and Port Harcourt.
READ ALSO: Naira Sees Slight Rebound After Record Drop As Senate Summons CBN GovernorThe source, who asked not to be named because there was no clearance to speak to the press on the matter, also said some of his agents have been stationed at major airports of Nigeria to arrest the perpetrators involved in the purchase of available foreign currency. .
“The anti-corruption agency is said to be working on intelligence that some forces with a massive influx of Naira have mobilized resources and are busy buying up available foreign currency, especially the US dollar, to hoard or smuggle into smuggling the same putty from Nigeria.
“Some Commission agents have also been spotted at major airports across the country. There has been a run on the value of the Naira recently, with the currency trading for over N700 to the dollar.”
In recent weeks, the naira has continued to fall against the dollar. On Thursday, the naira crashed to over 700 naira to the dollar in the parallel market.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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