Despite the recent crackdown on foreign currency speculators in the FX market by the Economic and Financial Crimes Commission, the naira continued to weaken against the US dollar.
Data from FMDQ revealed that on Wednesday, the naira fell to N1,421 per dollar, down from N1416.57 the previous day.
This translates to a daily depreciation of N4.46 against the dollar.
In a similar trend, the naira slipped to N1438 per dollar on Wednesday from N1430 the day before in the parallel market segment.
Operator of a Bureau De Change in Zone 4 Abuja, Mistila Dayyabu, informed NewsNow about the raids and arrests of some BDC operators by the anti-graft agency on Wednesday.
Dayyabu mentioned, “EFCC operatives came in today and apprehended some BDC operators with cash. On Wednesday, the dollar was traded at N1438 for selling and N1432 for buying.”
It’s worth noting that the EFCC has resumed its efforts to crack down on illegal BDC operators and cryptocurrency platforms as part of the strategy to combat the FX crisis.
In a related development, the Securities and Exchange Commission made a move on Tuesday to remove the naira from the cryptocurrency market in a bid to address the instability of the naira in the FX market.