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Dollar Crisis: EFCC arrests 87 forex dealers in Lagos, Abuja, Kano

In an effort to combat the Nigerian currency rate issue, the Economic and Financial Crimes Commission (EFCC) continued its raids on Bureau de Change operators in key cities.Information Guide Nigeria

The operation began on November 1, 2022, and yesterday, 87 currency dealers were detained in the states of Abuja, Lagos, and Kano.

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According to ThePunch, EFCC agents raided the Abuja vaults of foreign exchange traders in search of dollars and naira.

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During the raid, the detectives reportedly arrested an additional 25 legal and illicit forex dealers in addition to the 40 nabbed on Tuesday at the Association of Bureau de Change Operators’ headquarters in Wuse.

Following the arrest of Ismaila Atumeyi, the Kogi State House of Assembly candidate for the New Nigeria Peoples Party, EFCC agents began conducting raids on BDC locations.

Atumeyi was detained in Abuja on Sunday, October 30, 2022, together with Joshua Dominic, an alleged serial fraudster, while carrying N326m and $140,500 in cash.

It is believed that the EFCC’s campaign against BDCs is aimed at monitoring illegal cash from terrorists, bandits, and politicians who may wish to change their dollars to naira to beat the recently announced redesign of naira banknotes by the Central Bank of Nigeria.

In response to the raid in Abuja, the Assistant Provost of the Association of Bureau de Change Operators in Zone 4, Wuse, Mallam Muhammed Nera, stated that thirteen of the twenty-five BDC operators arrested by EFCC agents have been released. However, he stated that their phones are still in the possession of EFCC officials.

Before ransacking their offices, the EFCC did not submit an arrest or search warrant, according to Nera, who described the action as illegal.JAMB Result