The Economic and Financial Crimes Commission (EFCC) carried out an unexpected raid in the Wuse Zone 4 area of Abuja on Monday, targeting Bureau De Change (BDC) operators and resulting in the arrest of several individuals.
BDC operators in the area confirmed the raid, describing the chaos and fear it caused among traders.
Traders who were arrested during the raid were reportedly released on bail after paying sums ranging from N30,000 to N50,000.
This recent raid follows similar actions by the EFCC last Friday, where 34 suspected currency speculators were arrested for alleged foreign exchange fraud.
Despite these enforcement efforts, the naira started the week on a negative trajectory against the United States dollar, closing at N1419.11/$ on Monday.
This suggests a potentially turbulent week ahead for currency markets.
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At the official market, the naira also experienced a depreciation, dropping by N58 or 4.3% from its previous rate to close at N1,419/$ on Monday.
This decline indicates a heightened demand for the US dollar.
However, currency markets showed some fluctuations, with the intraday high closing at N1,451 and the intraday low appreciating to N1,060 on Monday.
An FX transaction worth $147.83 million was also recorded.
After a period of consistent appreciation earlier in April, the naira underwent a brief depreciation over six days, before recovering slightly by Monday.
Traders at the Zone 4 market reported selling the dollar at N1,340 per dollar, while buying it at N1,305, resulting in a profit margin of N25.
Overall, the recent EFCC raids and fluctuations in the currency market underscore ongoing efforts to restore stability and liquidity in the forex market, amidst concerns about currency speculation and fraud.
