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In a bid to stabilize the faltering naira, the Economic and Financial Crimes Commission (EFCC) conducted a major operation against illegal Bureau de Change (BDC) operators in the bustling Wuse Zone 4 area of Abuja on Monday, February 19, 2024.
The crackdown, which resulted in the arrest of approximately 50 individuals, is part of a broader initiative by the EFCC to stem the tide of currency mutilation and the unauthorized dollarization of the Nigerian economy.
The operation was spurred by the rapidly declining value of the naira, prompting the EFCC to form a Special Task Force across its zonal commands. This task force is specifically aimed at clamping down on practices that undermine the Nigerian currency and economy.
The commission's spokesperson, Dele Oyewale, outlined the initiative in a statement released on Wednesday, February 7, 2024.
"To protect the economy from abuses, leakages, and distortions that expose it to instability and disruption, the EFCC has inaugurated a Special Task Force in all its zonal commands for the enforcement of laws against currency mutilation and the dollarization of the economy," Oyewale announced.
The crackdown is a direct response to the adverse effects of illegal foreign exchange operations on the naira.
Dayyabu Mistila, a BDC operator who spoke to ThePunch shared that EFCC officials targeted their operations due to their alleged role in the surging exchange rates of the dollar against the naira.
"Around 3 pm on Monday, officers of the EFCC raided Wuse Zone 4 and arrested over 50 of our members, accusing us of being responsible for the rising exchange rate of the dollar at the parallel exchange market," Mistila explained.
The official rate, according to FMDQ data, saw the naira fall to ₦1,574.62 per dollar on Monday, while Mistila confirmed that in the parallel market, the dollar was trading for as high as ₦1,660. The operation was not without drama, as a viral video captured EFCC operatives firing shots into the air to disperse BDC operators who attempted to obstruct the raid.
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