Dollar drops to N680 as security agents arrest currency dealers

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The exchange rate of the dollar to the Naira on Friday morning dropped from N710 to N680 as security agents clamped down on currency dealers and bureau de change operators

A source told Metrostarng that the Central Bank of Nigeria ordered the crackdown in the belief that the currency dealers were behind the rising exchange rate.

CBN has repeatedly earned Nigerians against patronising the parallel market.

The source told Metrostarng that CBN blamed them for creating an artificial scarcity of dollars in order to boost their own earnings.

However, spokesperson for the Lagos State Police Command, SP Benjamin Hundeyin, said he was “not aware of this.”

Also, spokesman for the Economic and Financial Crimes Commission, Wilson Uwjaren, said he had not heard about it “either officially or unofficially.”

Despite the denial by the commission’s spokesman, EFCC operatives on Friday stormed Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory, in what a source said was a covert operation to dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.

The raid is said to be product of weeks of surveillance in which agents of the EFCC have been monitoring the activities of most of the Bureau de change operators in the Wuse 4 axis.

The anti- graft agency is said to be working on intelligence that some forces with massive Naira inflow have mobilized resources and, are busy buying up available foreign currencies especially the United States Dollar, to either hoard or smuggle the same put of Nigeria,

Some operatives of the commission have also been spotted at major airports in the country, in what a source said is a coordinated nationwide operation that will be extended to all the major commercial cities such as Kano, Lagos and Port Harcourt.

 

 

 

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