EFCC Raids BDC Operators In Abuja As Naira Continues Slide Against Dollar

Officials of the Economic and Financial Crimes Commission on Tuesday stormed areas in Abuja where dealers – Bureau de Change operators – trade foreign currencies against the naira.

The raid came as the naira continued its decline against the US dollar, exchanging for as high as N850 to $1.

The EFCC confirmed the raid to Channels Television but did not disclose details.

Last week the Central Bank of Nigeria (CBN) announced a redesign of the naira as part of measures to tighten monetary policy.

Critics of the measure say the naira’s redesign would lead to more demand for dollars.
-Channels