Naira Continues Decline Against Dollar Despite EFCC Crackdown on Speculators

Despite the Economic and Financial Crimes Commission’s (EFCC) crackdown on foreign currency speculators in the FX market, the Nigerian naira continued its downward trend against the US dollar.

According to FMDQ data, the naira slid to N1,421 per dollar on Wednesday, down from N1416.57 the previous day, marking a daily depreciation of N4.46 against the dollar.

In a similar vein, the naira declined to N1438 per dollar on Wednesday from N1430 the day before in the parallel market segment.

Mistila Dayyabu, a Bureau De Change operator in Zone 4 Abuja, informed DAILY POST that the anti-graft agency raided and apprehended some BDC operators on Wednesday.

“EFCC operatives returned today; they arrested selected BDC operators with cash. On Wednesday, the dollar was being sold at N1438 and bought at N1432,” Dayyabu stated.

This development comes amidst EFCC’s renewed crackdown on illegal BDC operators and cryptocurrency platforms aimed at addressing the FX crisis.

Notably, on Tuesday, the Securities and Exchange Commission delisted the naira from the cryptocurrency market as part of efforts to stabilize the currency in the FX market.