Naira depreciation: EFCC operatives storm BDC market in Kano

The operatives of the Economic and Financial Crime Commission (EFCC), on Thursday, stormed a Bureau De Change (BDC) market, popularly known as Wapa Market, in Kano State.

The presence of the EFCC operatives, who appeared fully armed in the market amid biting dollar scarcity in the country, left some BDC operators hastily closing their shops and hid for fear of arrest by the anti-graft agency personnel.

The Vice Chairman of the market, Suleimanu Naraskwana, who confirmed the development, said the EFCC operatives were in the market to admonish them against doing things that would further weaken the naira against the US dollar.

He said: “They advise us this time around but if our people fail to cooperate they will raid the market and arrest. They came to inform us because they said they don’t want to raid the market without informing us.

“They want us to moderate our price in dollar-naira value because some of us want higher profit margin. I know the problem isn’t from us, government no longer gives us dollar. So if there is a scarcity, the price will shoot up. That is what happens, we hope when government resume giving us dollar the price will crash.

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“You know our market is a global market that deals with foreign currency. Our business is crucial to national economy. They suspect that instability and fluctuation of naira against dollar is from our people. That is they came here to advise us to take measures that will reduce the dollar price against naira.

“Before their coming we did many things that naira gained from over N700 to over 600 against a dollar. Naira gained around N150 so we hope their coming will further weaken the dollar against naira so that fellow citizens will have respite.”

A BDC operator, Ibrahim Dahiru, said they were scared but the operatives were friendly, saying: “Honestly we thought they were here to arrest and intimidate us as they mostly used to do, but they were friendly and advised us on the need to make the foreign exchange available.”

The EFCC spokesman in Kano State, Idris Isyaku, could not be reached for the reason behind the latest development.

At the market today, naira sells at 610 to a dollar as against last week when dollar was sold at N710.

The Star