EFCC Arrests 50 in Crackdown on Illegal Bureau de Change Operators in Abuja
In an effort to stabilize the faltering naira and curb illegal currency practices, the Economic and Financial Crimes Commission (EFCC) conducted a major operation targeting illegal Bureau de Change (BDC) operators in Abuja’s Wuse Zone 4 area on Monday, February 19, 2024. Approximately 50 individuals were arrested in the crackdown, which is part of a broader initiative to combat practices that undermine the Nigerian currency and economy.
The operation was prompted by the declining value of the naira, leading the EFCC to form a Special Task Force across its zonal commands. This task force is specifically tasked with clamping down on practices such as currency mutilation and the unauthorized dollarization of the Nigerian economy.
According to Dele Oyewale, the commission’s spokesperson, the initiative aims to protect the economy from abuses, leakages, and distortions that expose it to instability and disruption.
The crackdown directly responds to the adverse effects of illegal foreign exchange operations on the naira. BDC operators targeted in the operation were accused of contributing to the surging exchange rates of the dollar against the naira.
Dayyabu Mistila, a BDC operator, confirmed the raid by EFCC officials in Wuse Zone 4 and shared details of the operation. He noted that EFCC officers accused them of being responsible for the rising exchange rate of the dollar in the parallel exchange market.
The official rate, as reported by FMDQ data, showed the naira falling to ₦1,574.62 per dollar on the day of the operation, while in the parallel market, the dollar was trading for as high as ₦1,660.
The operation was not without controversy, as a viral video captured EFCC operatives firing shots into the air to disperse BDC operators who attempted to obstruct the raid.
Overall, the EFCC’s crackdown signals a concerted effort to address illegal currency practices and stabilize the Nigerian economy, emphasizing the importance of enforcing laws against currency mutilation and unauthorized dollarization.
