Dollar Hits N1900; Pound goes for N2,250 despite FG’s clampdown on BDC operators

02/21/2024 8:44 PM

Dollar Hits N1900; Pound goes for N2,250 despite FG’s clampdown on BDC operators

The Nigerian naira slid further at the parallel market late Tuesday in spite of the Federal Government ordering raids on Bureau De Change (BDC) operators in Abuja, Lagos and Kano.

Despite the raids, the naira plunged further with a dollar exchanging for 1,900 in Abuja and Kano, and N1,800 in Lagos; while the British Pound exchanged for N2,250.

But, at the official market, the naira recorded a marginal gain closing at N1,551.24 as against the earlier N1,574.62, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The National Security Adviser, Nuhu Ribadu, this week directed operatives of the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS) and the Nigeria Financial Intelligence Unit (NFIU) to clamp down on forex market speculators.

This action was to safeguard Nigeria’s foreign exchange market and combat the activities of speculators, both domestic and international, operating through various channels.

Ribadu said, “The CBN’s proactive measures to stabilize the foreign exchange market and stimulate economic activities have been commendable.

“However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian Naira and contributing to inflation and economic instability.

“To reduce the pressure on the naira, the EFCC raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

“Yet, recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market. The ONSA and CBN are therefore embarking on this collaborative approach to tackle these infractions.

“This partnership will involve a coordinated effort with key law enforcement agencies, including the Nigeria Police Force, the EFCC, the Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU).

“The primary objective of this alliance is to systematically identify, thoroughly investigate and appropriately penalize individuals and organizations involved in wrongful activities within the FX market,”