August 10, 2022

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EFCC storms Bureau De Change operators over crash of Naira

Bureau De Change operators

Bureau De Change operators

Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday stormed Wuse Zone 4, the base of many Bureau De Change operators in the Federal Capital Territory over allegation that the currency speculators were massively mopping up available foreign currencies – causing the devaluation of the Naira. The naira has crashed to N720/$ at the time of filing this report.

A source in the anti-graft agency revealed that the commission was working on the intel that some forces with massive Naira inflow are buying up available forex to either hoard or smuggle out of Nigeria.

It was also working on the possibility of such sums of money being appropriated to fund terrorism. The operation is coordinated nationwide, in Kano, Lagos and Port Harcourt.

He said the commission led by Mr Abdulrasheed Bawa was worried about a run on the value of the Naira with the currency exchanging for over N700 to a Dollar.