Operatives of the Economic and Financial Crimes Commission raided the offices of black market currency dealers in Abuja on Tuesday in a bid to halt the rapid fall of the naira.

Naira plunged rapidly between Monday and Tuesday to more than 840 in Abuja a week after the the Central Bank of Nigeria said it will replace higher notes to fight counterfeiting, inflation and insecurity.

President Muhammadu Buhari has backed the move, saying it will help fight corruption. His finance minister criticised the policy.

Hopes 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 naira.

The currency crossed the 800 mark for the first time weekend and the decline has shown no sign of abating. On Tuesday, traders told PREMIUM TIMES they were buying a dollar for as high as 840, implying they would sell more.

A PREMIUM TIMES reporter at the Wuse Zone 4 area of Abuja where currency traders conduct their unauthorised deals, said armed operatives of the EFCC stormed the Sheraton Hotel area of Abuja, arresting Bureaux De Change (BDC) operators.

Our reporter saw two white buses parked in front of the Musawa House along Constantine Street of Wuse Zone 4.

The anti-graft operatives were seen dragging a BDC operator into one of the waiting vehicles, while people surged towards the officials.

Other EFCC officials stood at an intersection between Sheraton Hotel and Constantine Street adjacent Abacha Estate in the Wuse area as vehiclar 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.

“For now, there is no dollar to sell. This morning (Tuesday), a dollar was selling for N850, while I bought a dollar at N840,” the operator said.

“As of 1.53p.m, the USD was selling between N870 and N900 depending on sellers and buyers bargaining power,” another BDC operator told PREMIUM TIMES.

https://www.premiumtimesng.com/news/headlines/562782-breaking-efcc-raids-black-market-forex-offices-as-naira-falls-rapidly.html

At what point do we tell our leaders to cut the bull crap?

They said it was abokifx causing the problem, a problem which has been there before some of them were born, you believed them. They shut abokifx down but the problem continued and got even worse.

They're trying everything else under the sun except address the real problem, corruption! You sit there hoping that somehow the price of dollar will fall. Did you learn that in economics, or did you just throw away all that education and submit yourself to deception?

Where are the billions of dollars borrowed for fight against security? Yes, it's in people's homes. They store it there till they can launder it, maybe buy some land in Lagos and Abuja and build estates.

Where is the money padded into budgets every calendar year? Yes, that's the money hiding in private residences

Where's the money from the numerous illegal pipelines in the SS region being stored? In private homes, yes!

Do you know why they can't shut down the parallel market? Because they all buy dollar at the official rate and sell to the parallel market for profit. You who are looking for dollar can't get it, but they all can. They all have daily quota, all of them. They each make millions of dollars daily

So while you're here disgracing yourself fighting for them to be reelected, take style respect yourself.

We are back to 1984 again

Buharri raided markets and forced market women to reduce their prices, irrespective of how much they bought the goods.

$1 = N900........

[img]https://giffiles./216/216370.gif[/img]

Two wrongs can not make a right sha. Revoke their licenses and deal with them through their bank account!

All these Rubbish will be over when obi is sworn in as the president of Nigeria come 2023!

Peter Obi for president!

Odetokun3:
Two wrongs can not make a right sha. Revoke their licenses and deal with them through their bank account!

Revoke their licences? Why?
Two wrongs?

What have they done wrong?

Lol. Failed government.

Buhari is indeed a useless ruler. He had absolutely no plans for Nigeria. He thought it was just about having good intentions. Interestingly, there's another candidate right now who thinks it's all just about having good intentions and no concrete plans nor experience in how international finance works. I pity poor Nigerians.

Nigerians don't have to worry about the price of dollars because their salaries are paid in naira-Thief-nubu

https://www.youtube.com/watch?v=RVvIrbEmyb8

Naira plunged rapidly between Monday and Tuesday to more than 840 in Abuja a week after the the Central Bank of Nigeria said it will replace higher notes.

good news

The main reason is why naira is crashing against the dollar in the black market is that most corrupt people and criminal individuals, are using the black market to launder their ill gotten money.

Terrorists, money launderers, corrupt politicians, fraudsters, and criminal elements are the majority of the people putting pressure on the naira.

Nigeria is the only country in the world where anybody can access dollars on the street without kyc or transaction threshold. Why won't there be pressure on the naira.

Is it normal for someone to access $500k without kyc on the streets or without bdc reporting such transactions?

The Nairra is doomed

thebosstrevor1:
good news

The main reason is why naira is crashing against the dollar in the black market is that most corrupt people and criminal individuals, are using the black market to launder their ill gotten money.

Which market did Tinubu use to launder this?

Ok

Vulturereloaded:


Which market did Tinubu use to launder this?

when you see him ask him

Awesome!

Now EFCC is talking! Many of their 'marketers' helping them to promote arbitrary and criminally speculative prices are all over nairaland. EFCC should go after them too.

They are buying to hoard and speculate to fuel more scarcity that crowds out those who genuinely need the forex. Ghanaian government is currently doing same and I wonder why EFCC waited this long

Stupid efcc instead of going after banks and CBN staffs that hoard and sell dollar to black marketers.

The recent announcement by the cbn to redesign the naira will further plunge the naira down.

I foresee the naira going over 1000 to a dollar before the end of this year. The reason is simple. Those who have stashed away billions of naira that the policy is targeting will simply change their money to dollars from the black market which will result in scarcity of dollars and other foreign currencies as our politicians mop up any available fx thereby creating scarcity.

My heart goes out to our foreign based students whose fees are paid from Nigeria. January will be a very tough period for all those who depend heavily on forex.

Way to go.

But I thought emifiele already shut down abokiFX and he claimed that it’s closure would strengthen the naira to untold heights