EFCC Raids Black Market Forex Offices as Naira Sells for 840/$

In an effort to stop the rapid decline of the naira, the Economic and Financial Crimes Commission agents raided the offices of black market currency dealers in Abuja on Tuesday.

A source disclosed to Economic Confidential that the naira now sell 840/$ in the black market.

Naira is currently under high selling pressure in the black market following CBN’s announcement that the newly redesigned naira notes will replace higher notes to fight counterfeiting, inflation and insecurity.

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Between Monday and Tuesday Naira rate/$ continued to rise to more than 840 in Abuja in a week.

Although, President Muhammadu Buhari has backed the move, saying it will help fight corruption but 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.

In additional report, PREMIUM TIMES reported that the currency crossed the 800 mark for the first time weekend and the decline has shown no sign of abating. Noting that as at Tuesday, Traders were buying a dollar for as high as 840, implying they would sell more.

Their reporters at the Wuse Zone 4 area of Abuja where currency traders conduct their unauthorised deals, said armed operatives of the EFCC stormed the Sheraton Hotel area of Abuja, arresting Bureaux De Change (BDC) operators.

Our reporter saw two white buses parked in front of the Musawa House along Constantine Street of Wuse Zone 4.

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.

BDC operators who did not want to be named for fear of arrest, said the dollar sold at N860 as of 1p.m on Tuesday.

“For now, there is no dollar to sell. This morning (Tuesday), a dollar was selling for N850, while I bought a dollar at N840,” the operator said.

“As of 1.53p.m, the USD was selling between N870 and N900 depending on sellers and buyers bargaining power.” PREMIUM TIMES.