Forex Crackdown: EFCC Raids BDCs In Kano, Abuja, Oyo

Some currency exchange operators in the famous Kano currency exchange market, WAPA, have been arrested by the Economic and Financial Crime commission (EFCC).

According to an eyewitness, Malam Isma’ila Zico, officials of the EFCC were at the market in earlier hours of Wednesday.

“They were so tactical in the operation, it was after the apprehension that we found out that they have been in the market since morning. When it was time for them to strike, we then saw their operatives with crested vests and some other security agents, and they surrounded the Dollar exchange section of the market. I can’t say how many people were apprehended but they have taken away many operators,” said Zico.

When contacted WAPA currency exchange market Chairman, Alhaji Sani Salisu Dada, confirmed the raid, adding that the operatives of the EFFC were in the market to address the issue of dollar hoarding and operators that were yet to registered as certified bureau de change operators.

He explained that EFCC had made some arrests and those arrested were taken away for further investigations.

The chairman added that normal activities had returned in the market and the association was ever ready to comply should the need arise.

The operatives also raided Bureau De Change operators in Sabo, Ibadan, over alleged hike in the naira/dollar exchange.

An eyewitness who spoke with Daily Trust confirmed the incident, saying about ten arrests were made and a lot of cash was confiscated by the operatives.

“They took about ten people. Amongst the arrested are people who don’t deal in exchange business, innocent people. They said they hiked the dollar to naira rate,” he said.

He also confirmed the current trading rate in the market to be around N1900 to N1,940.

Recall that the operatives also raided BDCs in Wuse Zone 4, Abuja.

The development comes after the National Security Adviser, Mallam Nuhu Ribadu, ordered a crackdown on currency speculators.