Forex Crisis: EFCC Storms BDC Hubs In Lagos

Forex Crisis EFCC Storms BDC Hubs In Lagos
Share on whatsapp
WhatsApp
Share on facebook
Facebook
Share on twitter
Twitter
Share on telegram
Telegram
Share on linkedin
LinkedIn
Share on print
Print
Listen to article

Just like they did in Abuja about a week ago, operatives of the Economic and Financial Crimes Commission (EFCC), Lagos Command on Wednesday visited some of the hubs of the Bureau De Change (BDC) operators in Lagos on what has been described as a ‘fact-finding mission’.

Eye-witnesses who were at the locations who chose to speak under the condition of anonymity revealed that the operatives were seen at the international and local wings of the Murtala Mohammed Airport, the Hadji Camp and the offices of the Federal Airport Authority of Nigeria (FAAN) in Ikeja.

Other places the operatives reportedly visited include the popular Broad street, off Balogun Market in the Lagos Island area and the Federal Palace Hotel in Victoria Island.

Read Also: EFCC Storms Bureau De Change Firms As Naira Crashlands

Sources close to the Commission confirmed the visit and hinted that the operation revealed that most of the licensed BDC operators are selling dollars between N610 and N630.

Africa Daily News, New York reports that the visit of the anti-graft agency is believed to be connected with the current crisis in the foreign exchange market, which the Central Bank of Nigeria (CBN) has said is fuelled by speculation, and has seen the naira rising to over 700 to a dollar

Some of the BDC operators told our correspondent that they are not willing to sell because they are out of stock and weary of the uncertainty in the market

‘As at today those who bought at N700 are now selling at a loss. The current rate is about N610 and N620,’ one BDC operator said.

Recall that some Economic and Financial Crimes Commission the Economic and Financial Crimes Commission,  EFCC operatives had last Friday raided the Abuja Wuse Zone 4 which is believed to be the  home to most BDC operators in Abuja.

Africa Daily News, New York

Share on whatsapp
WhatsApp
Share on facebook
Facebook
Share on twitter
Twitter
Share on telegram
Telegram
Share on linkedin
LinkedIn
Share on print
Print