EFCC

EFCC raids BDC operators in Abuja as naira continues slide against dollar

By Uchechi Ojo November 2, 2022214 views

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 journalists 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.

Uchechi Ojo

Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn