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

by Opeyemi Alimi
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EFCC Nigeria

Men of the Economic and Financial Crimes Commission (EFCC) 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.

According to Channels Television, the EFCC confirmed the raid 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.

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