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Naira slumps further against dollar despite EFCC raid on speculators

Naira slumps further against dollar despite EFCC raid on speculators...Continue The Full Reading.

The naira further depreciated against the US dollar despite the Economic and Financial Crimes Commission’s clampdown on foreign currency speculators in the FX market.

FMDQ data showed that the naira dipped to N1,421 per dollar on Wednesday from N1416.57 on Tuesday.

The figure represents a N4.46 depreciation against the dollar on a day-to-day basis.

Similarly, the naira dropped to N1438 per dollar on Wednesday from N1430 the previous day in the parallel market section.

A Bureau De Change operator in Zone 4 Abuja, Mistila Dayyabu, told DAILY POST that operators of the anti-graft agency raided and arrested some BDC operators on Wednesday.

“EFCC operators came again today; they arrested selected BDC operators who have cash. On Wednesday, the dollar was sold at N1438 and bought at N1432,” he said.

DAILY POST recalls that EFCC resumed clampdown on illegal BDC operators and cryptocurrency platforms to defeat the FX crisis.

On Tuesday, the Securities and Exchange Commission delisted naira from the cryptocurrency market to tackle naira instability in the FX market....Continue The Full Reading.>’. 

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