Nigerian security agencies on Wednesday raided Bureau De Change (BDC) outlets in Abuja, arresting over 100 operators as the naira currency continued to rapidly depreciate.
The raids came after the naira plunged to new lows against the US dollar on both the official and parallel markets, exchanging at N1780 and N1980 respectively.
Acting on orders from National Security Adviser Nuhu Ribadu, operatives from the EFCC, police, customs and financial intelligence unit targeted BDC operators allegedly undermining Central Bank efforts to stabilize forex markets.
Despite ongoing crackdowns on currency speculators and unlicensed BDCs in major cities, the naira has continued its swift decline amidst economic uncertainty.
