Naira plunges: EFCC raids Abuja BDCs, arrests 50

Officers from the Economic and Financial Crimes Commission (EFCC) went to Wuse Zone 4 in Abuja and arrested more than 50 people who were operating illegal Bureau De Change businesses. 

These businesses exchange foreign currencies, like US dollars, for Nigerian Naira. Dayyabu Mistila, who works at one of these businesses, said the EFCC officers told them they were being arrested because the value of the Naira was dropping too much compared to foreign currencies like the US dollar.

Mistila said the raid happened around 3 pm on Monday, and many of their members were taken by the EFCC.

They believe the EFCC thinks the Bureau De Change operators are causing the Naira to lose its value against the US dollar in the parallel exchange market.

Mistila mentioned that on Monday, the exchange rate for the US dollar was N1,660 per dollar, according to their business.

Official data from FMDQ also showed that the Naira’s value dropped to N1574.62 per US dollar on the same day.

Attempts to reach the EFCC spokesperson, Dele Olyewale, were unsuccessful when the report was being written.

On February 3, 2024, the Minister of Finance, Wale Edun, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the Chairman of the EFCC, Ola Olukoyede, had a meeting.

They discussed ways to stop the Naira from losing more value in the foreign exchange market.