The value of Nigeria’s naira has again weakened further against the United States dollar at both the official and parallel foreign exchange markets.
So, officers of the Economic Financial Crimes Commission (EFCC), on Tuesday, expanded its clampdown on Bureau De Change operators, arresting traders in Abuja, Lagos, Kano and Port Harcourt.
Activities of currency speculators in the forex markets and the digital cryptocurrency space have reportedly increased pressure on the naira, with the government accusing crypto traders of speculating against the national currency.
Malam Yahu, a trader at the popular Wuse Zone 4 market, said currency traders at Lagos, Port Harcourt and Kano confirmed sting operation by EFCC operatives, a development that disrupted market activities.
Yahu said: “The naira is now N1,540 and we are buying at N1,520. But the issue now is that the EFCC guys scattered the market in Lagos, Port Harcourt and Kano today. As a result of the development, the traders in Abuja were very cautious about trading.
“So in Abuja today, people are afraid because we don’t know when they will come too and nobody wants to be arrested. It is also part of the reason for the high rate.
“Traders are also afraid of buying at a high price because they are cautious that the dollar may crash at any time. Our brothers in Lagos and Port Harcourt are complaining about the arrests.”