Forex crisis: EFCC raids Bureau De Change hub in Abuja

Operatives of the Economic and Financial Crimes Commission (EFCC) have raided a Bureau De Change (bdc) hub at Wuse Zone 4, which is home to most of the operators in Abuja.

The action by the anti-graft agency might not be unconnected with the current crisis in the foreign exchange market, which the Central Bank of Nigeria (CBN) has said is fuelled by speculation, and has seen the naira almost hitting N800 to a dollar.

According to ChannelsTV, the raid was a covert operation to dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.