The Economic and Financial Crimes Commission, EFCC has launched a raid on the well-known Abuja Zone 4 market on Monday as forex crisis worsens.
Om Monday, the parallel section of the foreign exchange market recorded a new all-time low on Monday after the naira depreciated to N1,730 per dollar.
The naira fell by 8.13 percent from N1,600/$ recorded on February 16, 2024.
Currency traders at the street market quoted the buying price of the dollar at N1,700 and the selling price at N1,730 — leaving a profit margin of N30.
According to report , the anti-graft agency started shooting at Bureau De Change operators in an attempt to stop the naira’s rapid decline, which currently stands at N1,700 to the dollar.
EFCC operatives, clad in their red vests, laid a siege at the Abuja Zone 4 complex to disperse the BDC operators from running businesses using firearms.
Tinubu’s strategy to float the naira has backfired and further depreciated its value on the global market, causing the prices of products to soar
Nigerians, who can no longer bear the hardship, staged protests across several states in the country.
It is unclear how exactly the raid on BDC operators would affect the naira’s value but the EFCC agents appear convinced they had the capacity to influence the currency’s worth.
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