The Economic and Financial Crimes Commission’s crackdown on foreign exchange speculators in the FX market did not stop the naira’s continuing depreciation versus the US dollar.
The naira fell to N1,421 per dollar on Wednesday from N1416.57 on Tuesday, according to FMDQ statistics.
The statistic shows the daily depreciation of N4.46 vs the US dollar.
In the parallel market segment, the naira fell to N1438 per dollar on Wednesday from N1430 the day before.
Mistila Dayyabu, a Bureau De Change operator in Zone 4 Abuja, informed reporters that on Wednesday, agents of the anti-graft agency conducted a search and took many BDC operators into custody.
“EFCC operators came again today; they arrested selected BDC operators who have cash. On Wednesday, the dollar was sold at N1438 and bought at N1432,” he said. [CONTINUE READING HERE]
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