EFCC raids BDC Operators in Abuja amid Naira freefall

Officials of the Economic and Financial Crimes Commission (EFCC) on Tuesday stormed areas in Abuja where dealers – Bureau de Change (BDC) operators – trade foreign currencies against the naira.

The raid came as the naira continued its decline against the US dollar, exchanging for as high as N850 to $1 on Tuesday.

Last week the Central Bank of Nigeria (CBN) announced a redesign of the naira as part of measures to tighten monetary policy.

Critics of the measure say the naira’s redesign would lead to more demand for dollars, which may have triggered the latest slide in the value of the nation’s currency.

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