Operatives of the Economic and Financial Crimes Commission (EFCC) have raided the offices of black market currency dealers in Abuja on Tuesday, November 1, 2022, in a bid to halt the rapid fall of the naira.
It was earlier reported that depreciated further against the dollar at the parallel as it now exchanges for N880 per dollar as of Monday, October 31, 2022.
The value fall of the naira in the black market following the Central Bank of Nigeria’s (CBN) announcement that the newly redesigned naira notes would start circulating in the economy from December 15, 2022.
President Muhammadu Buhari has backed the move, saying it will help fight corruption. His finance minister criticised the policy.
Hopes the policy could help fight money laundering appears to have backfired as suspected holders of illicit cash scramble to change their stash into foreign currencies, fueling demand for dollars and a further plunge in the value of naira.
A visit to popular Bureau De Change hubs in Lagos and Abuja revealed that several customers came looking for dollars but had difficulty accessing it.
An operator at Allen Roundabout in Lagos, Ismail Muhammed said dollars were still selling for less than N800/$1 as against the speculated N815.
“I buy for between N780 and N785 while I sell for between N785 and N790. The dollar has not reached N800. It is all speculation,” he said.
Another operator, Alhaji Nafiu Isah, said that the dollar was on the rise and might reach N820 before the end of the week.
“I buy for N800 and sell for N805 for now but it is on the rise and might get to N820 or N830 very soon,” he said.
However, following reports of dollar mopping up, the armed operatives of the EFCC stormed the Sheraton Hotel area of Abuja to arrest some Bureaux De Change (BDC) operators.
The anti-graft operatives were seen dragging a BDC operator into one of the waiting vehicles, while people surged towards the officials.
Other EFCC officials stood at an intersection between Sheraton Hotel and Constantine Street adjacent Abacha Estate in the Wuse area as vehicular traffic grew.