Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere

There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape.

Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos.

On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege area of Lagos State.

The news of the arrest quickly spread and other members in the Egbeda and Ikeja areas of the metropolis closed shops to avoid being apprehended.

“Yes, our members were arrested yesterday and today, but we are working hard to get them released,” one of the forex traders, who asked not to be named, informed this newspaper.

“We have to go into hiding in order not to be arrested,” he added.

It was observed that this situation has further affected the value of the Naira against the US Dollar in the parallel market.

At the time of filing this report, the domestic currency has lost N20 to sell at N1,835/$1 compared with the N1,815/$1 it traded on Tuesday.

Yesterday, the Nigerian government, to stabilise the forex market, instituted a joint task force comprising the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU).

“Recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market, the ONSA and CBN are therefore embarking on this collaborative approach to tackle these infractions.

“This partnership will involve a coordinated effort with key law enforcement agencies, including the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU),” a part of a statement issued by the spokesperson of the Office of the National Security Adviser (ONSA), Mr Zakari Mijinyawa, said