Nigeria’s economic woes persist as the naira faces a decline in the parallel market.
This is in spite of the federal government’s crackdown on foreign exchange market speculators.
On Tuesday, the naira slid further with one dollar exchanging for 1,900 in Abuja and Kano, and N1,800 in Lagos; while the British Pound was exchanged for N2,250.
The Economic and Financial Crimes Commission (EFCC) has been raiding Bureau De Change (BDC) hubs in Abuja, Port-Harcourt, Lagos and Kano. Some operators were also arrested, yet naira continues to glide southwards.
At the official market, the naira recorded a marginal gain closing at N1,551.24 as against the earlier N1,574.62, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Daily Trust reported on Tuesday that National Security Adviser, Nuhu Ribadu directed operatives of the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS) and the Nigeria Financial Intelligence Unit (NFIU) to go after forex market speculators as part of measures to stem volatility in the foreign exchange market.
Ribadu, in a statement by Zakari Mijinyawa, Head, Strategic Communications in the Office of the NSA, said the office had to wade in at this time because some individuals and organisations had continued to undermine proactive measures of the Central Bank of Nigeria to stabilise the foreign exchange market and stimulate economic activities.
Acting on the NSA’s directive, the security operatives swooped on the streets of Lagos, Abuja and Kano yesterday to raid unlicensed BDC operators.
At the popular Allen Avenue in Lagos, about five BDC operators were reportedly arrested when the EFCC operatives stormed the area around 10am.
Many of the unlicensed operators transacting by the road fled on sighting the security operatives.