Currency Crisis Deepens As Naira Weakens Further Against The Dollar

Currency Crisis Deepens As Naira Weakens Further Against The Dollar....KINDLY READ THE FULL STORY HERE▶

BUSHRADIOGIST reports that to counter the activities of speculators, Bureau De Change (BDC) hubs in Abuja, Lagos, and Kano underwent raids, leading to the arrest of certain operators. Despite these efforts, the Naira continued to depreciate, with the dollar exchanging at 1,900 in Abuja and Kano, and 1,800 in Lagos………CONTINUE READING

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In a positive development, the British Pound was valued at N2,250. On the official market, the Naira experienced a slight improvement, closing at N1,551.24, an improvement from the previous rate of N1,574.62, as reported by the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Concerned about the situation, National Security Adviser Nuhu Ribadu directed the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU) to crackdown on forex market speculators. Ribadu emphasized the need for a coordinated effort to protect Nigeria’s foreign exchange market from local and international speculators.

Ribadu stated that despite the Central Bank of Nigeria’s (CBN) proactive measures to stabilize the foreign exchange market, speculators were undermining these efforts. He mentioned the deployment of a 7,000-man special task force by the EFCC to tackle dollar racketeers. However, recent intelligence reports indicated ongoing illicit activities in the foreign exchange market, prompting the collaborative approach with law enforcement agencies.

Critics argue that there are more effective approaches to address the instability. Despite the government enlisting the expertise of four security agencies to combat “malicious practices” and protect investors’ interests, some analysts express skepticism about the decision.

Operations were carried out in Lagos, Abuja, and Kano, targeting unlicensed BDC operators. In one operation at Allen Avenue in Lagos, approximately five BDC operators were reportedly apprehended by EFCC operatives. Unlicensed operators conducting transactions on the roadside hastily fled upon spotting security operatives.

The NSA emphasized the collaboration’s primary objective: to systematically identify, investigate, and penalize individuals and organizations involved in wrongful activities within the foreign exchange market. Security operatives conducted operations in popular markets, such as the Wapa Bureau de Change market in Kano, where the Naira exchanged at N1,870 against the US Dollar.

A BDC operator mentioned the dollar’s rise to N1,870 from N1,750 on Monday, despite no EFCC visit for a clampdown on forex speculators. Normal trading activities continued amid the ongoing situation.

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