There was panic in the Abuja Zone 4 market on Monday, following a raid by the operatives of the Economic and Financial Crimes Commission (EFCC).
They began at the shoot at Bureau De Change (BDC) operators in a bid to stop the Naira’s rapid decline.
The Naira currently stands at N1,700 to the dollar.
EFCC operatives tried to disperse the BDC operators from running businesses using firearms, spotlighting the desperation of the President Bola Tinubu administration to use all necessary means to salvage what’s left of the naira which has sunk into record lows.
Tinubu’s strategy to float the naira has backfired and further depreciated its value on the global market, causing the prices of products to soar to more than 200 per cent.
It is unclear how exactly the raid on BDC operators would affect the naira’s value but the EFCC agents appear convinced they had the capacity to influence the currency’s worth.
In 2021, then central bank governor, Godwin Emefiele, had threatened to arrest the owner of Aboki FX, a reliable platform that publishes the naira’s exchange rates to other currencies. Mr Emefiele falsely claimed that the website was manipulating the naira’s value and causing it to decline.
