Some Bureau de Change operators at the popular Wuse Zone 4 market have been arrested by the operatives of the Economic and Financial Crimes Commission (EFCC).
Traders reported that some BDC operators put up resistance when EFCC operatives attempted to arrest them during a covert sting operation.
Osun Defender recalls that the EFCC had embarked on routine raids to sanitise the market for street traders and eliminate arbitrary trading.
But this move was resisted on Tuesday, leading to gunshots and damage to the operatives vehicles. Two currency traders witnessed the incident.
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One of the traders told PUNCH that the traders simply acted out of frustration as the arrests were becoming too rampant and just to extort money from them.
According to him, EFCC guys came to raid and arrest on Monday, and they came today (Tuesday) but todays operation was too strong.
This is the issue we are facing. Yesterday (Monday), they arrested traders, but they were attacked back today, and gunshots were fired because our people tried to resist the arrest. They were provoked and frustrated. They even broke the glasses of the EFCC vehicles today, and that means people are getting tired and desperate.
Another trader, who confirmed the incident, cautioned that ongoing raids by the anti-corruption body could potentially result in fatalities.
The trader who also pleaded anonymity said, If this thing continues like this, that means they would kill people because if they try to arrest next time, nobody would agree and another person would gather together so that nobody would be taken.
That was happened today. People are now turning because all they do after arrest is collect money from us. Nothing else is done. They are frustrating use.
The EFCC had resumed raiding in a bid to stabilise the naira.
In the penultimate week, the commission arrested over 35 suspected currency speculators for alleged foreign exchange fraud.
Last week, it also paraded over 20 BDC operators arrested in the capital city.
Despite these efforts, the naira has continued to fall.
On the rates, the operators said they bought the dollar at N1,400 and sold at N1,425 per dollar, leaving a profit margin of N25.
It also indicated an N5 drop from the N1,430 it sold on Monday.
A trader, Malam Yahu, complained of the market fluctuation, adding that it was now difficult to project what the rates would trade at.
He said, Right now, the market is just fluctuating, the naira is not stable at all and thats why we are even skeptical about buying now. We cant even predict how the market will trade.
For instance, after todays arrest, I didnt buy or make sales to avoid a loss. I bought it earlier today at N1,400 and sold it at N1,425.
We have also noticed that once the prices go up, there will be scarcity because they would expect the naira to drop further, but if its at a loss, they would then rush to sell it off.
At the official market, data obtained from the FMDQ exchange securities revealed that the currency depreciated to N1,416/$ from N1,354/$ recorded at the foreign exchange market on Monday.
The new rate indicated that the naira dropped by 4.4 percent, or N62, raising concerns about rapid fluctuations.
The intraday high increased to N1,445 on Tuesday from N1,441/$1 recorded on Monday. The intraday low also depreciated to N1,301/$1 as against N1,285/$1 it traded on Monday.
However, the volume of dollars supplied by willing buyers and sellers increased to $160.77 million from $84.3 million on Monday.
The previous rate marked the lowest point in about ten weeks, dating back to February 19, 2024, when daily turnover stood at $66.4 million.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
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