DOLLAR CRISIS: EFCC PLOTS MAJOR RAID ON FOREIGN EXCHANGE DEALERS

As the Naira fell to N857 to the dollar on the black market on Tuesday, the Economic and Financial Crimes Commission conducted simultaneous operations on Bureau de Change operators in Abuja and Kano.

The PUNCH learned that the operations, which netted a significant number of illegal BDC operators and those thought to be clients in the two cities, would also be expanded to Lagos, Onitsha, Ibadan, Port Harcourt, and other significant cities throughout the nation.

The event caused a disruption in the day's operations, according to our reporters, as many BDC operators in Abuja went underground.

Ismaila Atumeyi, a New Nigeria Peoples Party candidate for the Kogi State House of Assembly, and two others were detained by the EFCC while in possession of N326 million and $140,500 in cash.

The EFCC agents, supported by armed police officers, raided the black market FX traders' improvised booths in Zone 4, Wuse, Abuja, while they were going about their regular business, arresting many of them.

Witnesses reported seeing the men being apprehended being dragged into waiting cars while the incident slowed down nearby traffic.

The national currency pressure against the dollar following the Central Bank talks that the new naira notes will replace higher notes with effect from December 15 in order to combat counterfeiting, inflation, and insecurity.

The development was attributed to BDC operators and those who were frantically trying to turn their illegally obtained money into hard currency.

Abdulrasheed Bawa, the chairman of the EFCC, had supported the proposed redesign of the naira and warned BDC operators against currency hoarders who could try to take advantage of the opportunity to dump the money they had unlawfully stored away.

A senior person who provided information about the raids in Abuja and Kano said that the EFCC had been keeping an eye on the activities of forex dealers in those two cities and that the operations were intelligence-led.

PLANNED RAIDS

To discourage BDC operators from “killing the naira,” he also revealed that the searches would be expanded to Lagos, Port Harcourt, Maiduguri, Ibadan, and other locations across the nation.

The intelligence-driven nature of today's (Tuesday) operations contributed to their success. Since the CBN declared that the naira would be changed, we have put a number of bureau de change locations under surveillance.

Therefore, people would like to profit from the development to off-load their stockpile and convert it to dollars. The raid operation includes Lagos, Port Harcourt, Maiduguri, Ibadan, Onitsha, and other locations.

Wilson Uwujaren, the EFCC spokesman, confirmed the raid on the forex dealers in Kano and Abuja.

I can confirm that today, our operatives conducted a raid in Abuja's Wuse Zone 4 and detained a number of BDC operators. I am unable to confirm how many suspects have been detained thus far, he added.

A forex trader in Abuja attributed the collapse of the local currency to the EFCC.

Abubakar Attahiru, a forex dealer, said to one of our correspondents over the phone at 6:12 p.m. on Tuesday, “Perhaps things will change tomorrow (today).”

If the seller had a lot of dollars, another BDC buy a dollar bill for N855.

You get more money the more dollars you sell. If we purchase something at N850/$ from a person who has $100, we will purchase it at N852 from a person who has $10,000.

Alhaji Aminu Gwaadabe, president of the Association of Bureau De Change Operators said that he completely supported the raid.