By 
Operatives of the Economic and Financial Crimes Commission raided the offices of black market currency dealers in Abuja on Tuesday (Nov. 1, 2020) in a bid to halt the rapid fall of the naira.
Naira plunged rapidly to more than 840 in Abuja a week after the the Central Bank of Nigeria said it will replace higher notes to fight counterfeiting, inflation and insecurity.
President Muhammadu Buhari has backed the move, saying it will help fight corruption. His finance minister criticised the policy.
Hopes the policy could help fight money laundering appears to have backfired as suspected holders of illicit cash scramble to change their stash into foreign currencies, fueling demand for dollars and a further plunge in the value of naira.
Armed operatives of the EFCC stormed the Sheraton Hotel area of Abuja, arresting Bureaux De Change (BDC) operators.
The anti-graft operatives were seen dragging a BDC operator into one of the waiting vehicles, while people surged towards the officials.
Other EFCC officials stood at an intersection between Sheraton Hotel and Constantine Street adjacent Abacha Estate in the Wuse area as vehicular traffic grew.
“For now, there is no dollar to sell, a dollar was selling for N850, while I bought a dollar at N840,” the operator said.
“As of 1.53p.m, the USD was selling between N870 and N900 depending on sellers and buyers bargaining power,” another BDC operator told PREMIUM TIMES.
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