Naira Value Drop: EFCC Storms Abuja Bureau De Change Hub

Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday stormed Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory,

A source said the raid was a covert operation to dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.

The raid is said to be product of weeks of surveillance in which agents of the EFCC have been monitoring the activities of most of the Bureau de change operators in the Wuse 4 axis.

The anti- graft agency is said to be working on intelligence that some forces with massive naira inflow have mobilized resources and are busy buying up available foreign currencies especially the United States dollar, to either hoard or smuggle the same out of Nigeria.

Some operatives of the Commission have also been spotted at major airports in the country, in what a source said is a coordinated nationwide operation that will be extended to all the major commercial cities such as Kano, Lagos and Port Harcourt.

There has lately been a run on the value of the Naira with the currency exchanging for over N700 to a dollar.

The EFCC spokesperson, Wilson Uwujaren, was not immediately available for comment.