EFCC arrests speculators as Naira falls to 1,520/$

Operatives of the Economic Financial Crimes Commission (EFCC) arrested Bureau De Change operators in Abuja, Lagos, Kano and Port Harcourt, as the Naira dropped to 1,520 on Tuesday.

The naira weakened further at both the official and parallel foreign exchange markets.

EFCC’s recent raid comes amid renewed efforts by the Federal Government to tackle the naira’s recent fall against the greenback.

The activities of currency speculators in the forex markets and the digital cryptocurrency space have reportedly increased pressure on the naira, with the government accusing crypto traders of speculating against the national currency.

Last week, some BDC operators were arrested in Abuja for allegedly speculating against the naira.

Despite resistance by some BDC operators, law enforcement officials have continued to conduct regular raids on unauthorised currency traders in the Federal Capital Territory.

Currency operators, who spoke to one of our correspondents, confirmed that the latest sting operations occurred at various times during the day in Lagos, Kano Port Harcourt and Abuja on Monday.