Panic Persists Over BDCs Raid By DSS

November 12, 2016
Panic Persists Over BDCs Raid By DSS


By Modupe Gbadeyanka

There is apprehension in the atmosphere following a crackdown on Bureau De Change (BDCs) operators in the country by the Department of State Security (DSS).

This has consequently caused fears among BDC operators at the black market and has led to hoarding of the Dollar.

DSS pretend to be customers and when they discover that an operator trades the Dollar above the approved N393/$, they pick him up.

According to Saturday Sun, the Dollar has crashed to N393 from N465 four days ago at the parallel market.

The paper reports that when it got to the BDC operators around the Sheraton Hotels in Abuja, some of them lamented the high handedness of DSS, who forced them to crash the prices rather than allow market forces determine same.

Few months ago, the Central Bank of Nigeria (CBN) floated the Naira, leaving market forces to determine the exchange rate.

One of the BDCs spoken to complained that at the moment, no one dares sell dollars above N395 as DSS operatives have spies among them (BDCs) that feed them with information on their operations.

The operator, identified as Sanni, lamented that, “We fear DSS. They have spies among us. Remember some of our members are still in their custody. Government wants the price of dollars to come down by force.”

Another BDC operator named Mohammed stated that the price forced down on them by DSS was not sustainable.

“Some of us have dollars we bought at N462 and now the government wants us to sell at N400 or N393. It can’t work. We have dollars but we won’t sell”, he said.

Modupe Gbadeyanka

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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