Officials from the Economic and Financial Crimes Commission (EFCC) conducted a raid on several Bureau de Change operators in the Wuse Zone 4 area of Abuja on Monday, resulting in the arrest of approximately 50 individuals involved in illegal operations.
The EFCC's actions come amidst concerns over the declining value of the naira, prompting the establishment of a Special Task Force across its commands to crack down on activities that undermine the Nigerian economy, such as currency mutilation and dollarization.
According to a statement by EFCC spokesperson Dele Oyewale on Wednesday, February 7, 2024, the Special Task Force was formed to enforce existing laws against currency abuse and protect the economy from instability caused by such practices.
Dayyabu Mistila, a Bureau de Change operator, confirmed the raid and arrests, stating that EFCC officers cited the operators' role in the escalating exchange rate of the dollar against the naira in the parallel market as the reason for the crackdown.
While official data from FMDQ indicated the naira's exchange rate at N1,574.62 per dollar on Monday, Mistila revealed that they were exchanging at a rate of N1,660 per dollar.
As of the time of reporting, EFCC spokesperson Dele Oyewale was unavailable for comment.
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