* As EFCC nabs 13 illegal DBC operators in Lagos
The Naira continued its slump against the dollar on Tuesday May 14, trading at N1,520/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
At the end of trading on Tuesday, the Naira lost N42 against the dollar compared to the previous exchange rate of N1,478/$1 on Monday, May 13, 2024.
The intra-day high and low recorded during the day were N1,568/$1 and N1,350/$1 respectively, representing a lean spread of N218/$1.
Similarly, the Naira slumped against the dollar at the parallel section of the market, crossing the N1500 point to trade at N1,530/$1 representing a loss of N15, compared to the N1, N1,515/$1 it traded the previous trading day.
In the same vein, the Naira lost N10 against the pound. The domestic currency depreciated by N10 against the British Pound to trade at N1,870/£1 as against the previous trading price of N1,860/£1 representing a loss of N10 for the local currency,
The Canadian dollar closed flat against the Naira to trade at N1,200/CA$1 same as the previous trading day rate of N1,200/CA$1.
The Naira also depreciated against the Euro to trade at N1,620/€1 as against the rate of N1,600/€1 the previous trading rate this represents a loss of N20 in the local currency.
Meanwhile, operatives of the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) have arrested 13 fake Bureau De Change operators in Lagos.
The commission’s Head, Media & Publicity, Dele Oyewale, said they were arrested for operating BDC without appropriate licence.
The suspects are Abdulahi Musa, Garba Abdullahi, Dauda Hussaini, Jubril Musa, Abdulwaheed Iliyasu and Abubakar Mohammed.
Others are Umar Saidu, Nurudeen AbdulAzeez, Hamidu Usman, Yusuf Isa, Musa Ishaka, Liman Makki and Idris Mohammed.
They were arrested during sting operations by EFCC’s operatives between May 10 and 13, 2024 at different parts of Lagos, following credible intelligence received about their illicit business activities.
A suspected currency racketeer, Kafayat Lateef was also arrested for an alleged involvement in the sale of the naira notes in different denominations.
A sum of N2million was recovered from her at the point of arrest.
The suspects will soon be charged to court as soon as investigations are concluded.