In a dramatic turn of events, operatives from the Economic and Financial Crimes Commission (EFCC) reportedly descended on Bureau De Change (BDC) operators at the bustling Wuse Zone 4 market on Tuesday, leading to a chaotic showdown.
Witnesses revealed that what began as a routine raid to sanitize the market quickly escalated into a tense confrontation as some BDC operators vehemently resisted arrest during the sting operation.
According to eyewitnesses who spoke to Findwhosabi , the situation turned volatile with gunshots echoing through the market and damage inflicted upon the vehicles of EFCC operatives.
Expressing frustration, one trader, speaking anonymously, suggested that the arrests had become too frequent, hinting at a motive to extort money from the traders.
Another trader warned of potential escalation, fearing that continued raids could lead to fatalities. The trader emphasized growing desperation among the community, highlighting a cycle of arrests followed by monetary demands without any concrete action.
The EFCC, in its bid to stabilize the naira, had intensified efforts to curb foreign exchange fraud, leading to a spate of arrests in recent weeks. Despite these efforts, the naira’s value continues to plummet, adding to the uncertainty in the market.
At the Wuse Zone 4 market, BDC operators noted a fluctuating market, making it challenging to predict exchange rates. The volatility has led to cautious trading practices, with traders opting to avoid losses amidst the unpredictable market conditions.
Official data from the FMDQ exchange securities revealed a significant depreciation of the naira against the dollar, raising concerns about rapid fluctuations and their impact on the economy.
The escalating tensions between the EFCC and BDC operators underscore the challenges in stabilizing the currency amid ongoing efforts to combat financial crimes in the country.