In an effort to curb currency mutilation and dollarization of the Nigerian economy, operatives of the Economic and Financial Crimes Commission (EFCC) conducted a raid on illegal Bureau de Change operators in the Wuse Zone 4 area of Abuja on Monday. The operation resulted in the arrest of approximately 50 individuals involved in illegal currency activities.
The EFCC had previously established a Special Task Force across its commands to enforce existing laws against currency mutilation and the dollarization of the economy. The move was aimed at safeguarding the economy from abuses, leakages, and distortions that could lead to instability and disruption.
Dayyabu Mistila, a Bureau de Change operator, confirmed the raid and subsequent arrests, stating that EFCC operatives claimed the action was prompted by the escalating exchange rate of the dollar and other currencies against the naira in the forex market. Mistila noted that the raid occurred around 3 pm on Monday in Wuse Zone 4.
According to official data from FMDQ, the naira dropped to N1,574.62 per dollar on the same day. However, Mistila revealed that in their operations, they exchanged a dollar for N1,660. A viral video circulating online captured the moment EFCC operatives stormed the BDC, firing shots in the air to disperse operators attempting to surround them.
As of the time of reporting, the EFCC spokesperson, Dele Oyewale, could not be reached for comment on the incident. The raid and arrests underscore the authorities’ efforts to address issues affecting the value of the naira and maintain stability in the currency market.
