In an early morning operation on Wednesday, operatives of the Economic and Financial Crimes Commission (EFCC) apprehended several currency exchange operators in Kano’s renowned currency exchange market, WAPA, following orders from the National Security Adviser, Mallam Nuhu Ribadu, to crack down on currency speculators.
According to an eyewitness, Malam Isma’ila Zico, EFCC officials surrounded the dollar exchange section of the market and tactically apprehended numerous operators. Zico described the operation as strategic, noting that EFCC operatives and other security agents were present during the raid.
Confirming the raid, the Chairman of the WAPA currency exchange market, Alhaji Sani Salisu Dada, explained that the EFCC targeted operators involved in dollar hoarding and those yet to register as certified bureau de change operators. Dada stated that arrests were made, and those apprehended were taken away for further investigations.
Meanwhile, in Sabo, Ibadan, EFCC operatives raided Bureau De Change operators over an alleged hike in the naira/dollar exchange rate. Eyewitnesses reported that ten individuals were arrested, and a significant amount of cash was confiscated during the operation. The raid was prompted by reports of the current trading rate in the market reaching approximately N1900 to N1,940.
Additionally, similar operations were conducted in Wuse Zone 4, Abuja, where EFCC operatives targeted BDCs suspected of engaging in fraudulent activities related to currency exchange.
The crackdown by the EFCC reflects ongoing efforts to curb illegal currency speculation and maintain stability in the foreign exchange market. While the raids have led to arrests and confiscations, concerns remain regarding the impact on innocent individuals and the broader implications for the currency exchange sector.
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