Naira Decline: EFCC to the rescue?
The federal government appears to be exploring non-conventional means in its efforts to halt the continuous decline of the Naira’s value.
Through what means?
Officials of the Economic and Financial Crimes Commission (EFCC) raided the offices of black market currency dealers in the federal capital territory (FCT), Abuja on Tuesday, November 1, 2022, arresting several Bureaux De Change (BDC) operators. According to a report by the Punch, the armed EFCC operatives stormed the Sheraton Hotel area of the FCT to make the arrests, and dragged the BDC operators into waiting vehicles, as pedestrians watched.
What crimes did the BDC operators commit?
That has not been made clear. Following the announcement by the Central Bank Nigeria (CBN) of plans to redesign and re-issue some denominations of the naira, the EFCC warned Bureau de Change operators against currency hoarders who would want to offload currencies illegally stashed away, before the deadline was given by the CBN for old notes to be withdrawn from circulation.
The CBN announcement triggered a further decline in the naira, as it fell to N880/$1 on Monday, October 31.