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Forex: CBN Justifies DSS Raid On Black Market Operators


By Modupe Gbadeyanka

The raid on traders of foreign exchange at the parallel market by operatives of the Department of State Services (DSS) has received the backing of the Central Bank of Nigeria (CBN).

Speaking with newsmen on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja, Mr Godwin Emefiele, the CBN Governor, said there was nothing wrong with the operation.

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He described those being arrested as engaging in “illegal traded.”

For some days now, the DSS has nabbed forex traders at the black market in Lagos, Abuja and Kano.

Few days ago, 40 forex hawkers were apprehended in Kano by men of Nigeria’s secret police.

However, the action has further weakened the Naira against the Dollar.

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Mr Emefiele stressed that the foreign exchange regulation in the country forbids trafficking in currency, noting that the security operatives have the power to enforce the law and make sure that currency hawkers were apprehended.

He urged forex traders on the streets to legitimise their business by applying for Bureau De Change (BDC) licence, submitting that it was demeaning for them to hawk currency on the streets.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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