In a bid to halt the rapid fall of the naira, operatives of the Economic and Financial Crimes Commission, EFCC, raided the offices of black market currency dealers in Abuja on Tuesday.
Gatekeepers News reports that Naira plunged rapidly between Monday and Tuesday to more than 840 in Abuja.
This follows the announcement of the Central Bank of Nigeria, CBN, to replace higher notes to fight counterfeiting, inflation, and insecurity.
President Muhammadu Buhari has backed the move, saying it will help fight corruption. The Finance Minister, Zainab Ahmed on the other hand criticised the policy.
However, hopes that the policy could help fight money laundering appears to have backfired as suspected holders of illicit cash scramble to change their stash into foreign currencies, fueling demand for dollars and a further plunge in the value of the naira.
On Tuesday, traders told PREMIUM TIMES they were buying a dollar for as high as 840, implying they would sell more.
Armed operatives of the EFCC stormed the Sheraton Hotel area of Abuja, arresting Bureaux De Change (BDC) operators.
The operatives of the anti-graft agency were seen dragging a BDC operator into one of the waiting vehicles, while people surged toward the officials.
Other EFCC officials stood at an intersection between Sheraton Hotel and Constantine Street adjacent Abacha Estate in the Wuse area as vehicular traffic grew.
BDC operators who did not want to be named for fear of arrest said the dollar sold at N860 as of 1p.m on Tuesday.
The operator said, “For now, there is no dollar to sell. This morning (Tuesday), a dollar was selling for N850, while I bought a dollar at N840.
“As of 1.53p.m, the USD was selling between N870 and N900 depending on sellers and buyers bargaining power.”
