The Nigerian Naira is in freefall, with the exchange rate nearing a record ₦2000 to $1, the lowest it has ever been against the US dollar. In response to this crisis, the Economic and Financial Crime Commission (EFCC) launched a surprise operation in the early hours of Wednesday at the renowned Kano currency exchange market, WAPA.
This move follows an order from the National Security Adviser, Mallam Nuhu Ribadu, to clamp down on currency speculators. According to an eyewitness, Malam Isma’ila Zico, EFCC officials tactically surrounded the dollar exchange section of the market and detained numerous operators.
The Chairman of the WAPA currency exchange market, Alhaji Sani Salisu Dada, confirmed the operation, stating that the EFCC was addressing the issue of dollar hoarding and targeting operators who were not registered as certified bureau de change operators. He added that those arrested were taken for further investigation.
Despite the crackdown, normal activities have resumed in the market, and the association has expressed its readiness to comply with any further requirements. The EFCC operation was not limited to Kano, with similar raids conducted on Bureau De Change operators in Sabo, Ibadan, over allegations of a naira/dollar exchange hike, and in Wuse Zone 4, Abuja.
Eyewitnesses reported a trading rate of around N1900 to N1,940 and the arrest of ten individuals, including innocent bystanders. Similar operations occurred in Wuse Zone 4, Abuja, as the EFCC intensifies efforts to stabilize the currency exchange market.
