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EFCC raids offices of BDC operators in Abuja amid naira depreciation

EFCC raids offices of BDC operators in Abuja amid naira depreciation
November 01
22:45 2022

Officers of the Economic and Financial Crimes Commission (EFCC) raided the offices of bureau de change operators in Abuja.

The EFCC officials operated at the Sheraton Hotel area of Abuja on Tuesday, arresting an unknown number of BDC operators.

Wilson Uwujaren, the EFCC spokesman, confirmed the raid to TheCable via a phone call. He, however, declined to give specific details.

“I can confirm there was an operation there, he said. “I can’t give more details, that’s all I can say.”

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The development comes days after the EFCC had said it would clamp down on currency hoarders following the Central Bank of Nigeria’s (CBN) decision to redesign some naira notes.

Godwin Emefiele, the CBN governor, said redesigning the notes would be a means to control money supply and would aid security agencies in tackling illicit financial flow.

He added that currency management has recently faced several daunting challenges that have continued to grow in scale and sophistication, with attendant and unintended consequences for the integrity of the CBN and the country.

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Abdulrasheed Bawa, EFCC’s chairman, hailed the decision, describing it as “a well-considered and timely response” to the challenges of currency management.

Meanwhile, the naira has continued its free fall in the parallel market, depreciating to N815 per dollar in Abuja on Monday.

Currency traders in the Victoria Island area of Lagos quoted the naira at N805 to the dollar at the street market, representing a depreciation of N63 or 8.5 percent compared to the N742 it traded two weeks ago.

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