The Economic and Financial Crimes Commission (EFCC) has initiated a nationwide crackdown on individuals involved in currency racketeering as part of efforts to safeguard Nigeria’s foreign exchange market and counter speculative activities amidst the ongoing decline of the naira against the dollar.
Sources within the EFCC reveal that the commission is intensifying its efforts to identify and prosecute those engaged in currency-related illegal activities, including foreign exchange speculation and fraudulent practices.
The objective is to ensure fair and transparent operations in the foreign exchange market and protect Nigeria’s economy from potential destabilization.
In Kano, EFCC operatives reportedly raided Bureau de Change (BDC) operators in Wapa, Fagge local government area, armed with nearly ten vehicles.
Some BDC operators expressed surprise and sadness over the repeated invasions by the anti-graft agency, especially during surges in the price of foreign exchange, notably the U.S. dollar.
A BDC operator from Wapa, under the leadership of Alhaji Sani Salisu Dada, emphasized cooperation with authorities to adhere to guidelines.
However, the continuous arrests of BDC operators have sparked concerns, with viral videos on social media capturing EFCC operations in various locations.
Critics, such as an X user @Von_Bismark, questioned the approach, asking if invading and arresting BDC operators is the right strategy to rescue the naira.
Arewa_source expressed concerns that the EFCC’s actions in Zone 4 Abuja were perceived as a direct attack on northerners, highlighting the need for caution by the Central Bank of Nigeria’s Governor.
Dele Oyewale, the EFCC spokesperson, clarified that the agency is targeting “unlicensed money changers” to address the exchange rate crisis.
He emphasized the importance of separating legitimate BDC operators from criminal speculators and stressed the enforcement of rules and regulations.
In response to the ongoing situation, the EFCC has formed a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.
The National Security Adviser, Nuhu Ribadu, has directed law enforcement agencies to intensify efforts against “dollar racketeers” amid the persistent decline of the naira against the U.S. dollar in both official and unofficial markets.
As of the latest data from the FMDQ website, the naira closed at N1,598.54/$1 in the official market on Monday, indicating a 3.94 percent depreciation from the previous market rate.
The EFCC’s actions on Monday targeted bureau de change operators allegedly linked to the rapid increase in the dollar-to-naira exchange rate.
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