Officers of the Economic and Financial Crime Commission (EFCC), on Thursday, dispersed illegal Bureau De Change operators in Wuse Zone 4, Abuja, as the Naira appreciated against the US dollar in the foreign exchange parallel market.
A report on Thursday night quoted a Bureau De Change operator, Mistila Dayyabu, as confirming the raid.
According to him, the BDC operation was closed following the raid of EFCC operatives.
He noted that no BDC operator will buy or sell foreign exchange at Wuse Zone 4 on Thursday.
“No business is going on at Wuse Zone 4 at the moment. The operations of EFCC have shut down the market,” he stated.
Asked about the current rate of Naira to USD at the parallel market, he said: “I can’t say what the rate is because trading is not taking place at the moment. We are scared of buying, to avoid incurring losses.
“Similarly, we can’t sell because we can no longer determine the rate. While some said they buy at N1,450 per USD, others said it’s N1,750 per USD.”
Mohammed Bello, another BDC operator, disclosed on Thursday that he is no longer buying or selling USD due to the uncertainty in the FX market.
“I am no longer buying or selling. We will have to study the market. BDC operations in Wuse Zone 4 have been shut down. Several customers called me today but I could not attend them,” he said.

The development led to a surge in the number of Nigerians willing to sell their FX, but BDC operators were unwilling to buy or sell.
Consequently, at the parallel FX market, the Naira traded between N1,500 and N1750 per US dollar on Thursday, from N1,970 the previous day.
In the past three days, the officers had carried out raids on BDC operators in Abuja, Lagos, Kano and Ibadan, over Naira’s depreciation against USD at the forex market.