Naira Continues to Weaken Against Dollar Despite EFCC Crackdown on Speculators
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Naira Continues to Weaken Against Dollar Despite EFCC Crackdown on Speculators |
According to FMDQ data, the naira declined to N1,421 per dollar on Wednesday, down from N1416.57 on Tuesday. This represents a day-to-day depreciation of N4.46 against the dollar.
Despite the Economic and Financial Crimes Commission's (EFCC) efforts to curb foreign currency speculation in the FX market, the naira has further depreciated against the US dollar.
According to FMDQ data, the naira declined to N1,421 per dollar on Wednesday, down from N1416.57 on Tuesday. This represents a day-to-day depreciation of N4.46 against the dollar.
Similarly, in the parallel market section, the naira fell to N1438 per dollar on Wednesday, compared to N1430 the previous day.
Mistila Dayyabu, a Bureau De Change operator in Zone 4 Abuja, reported that EFCC agents conducted raids and arrested some BDC operators on Wednesday. He mentioned that the dollar was being sold at N1438 and bought at N1432 on that day.
It's worth noting that the EFCC has intensified its clampdown on illegal BDC operators and cryptocurrency platforms in an effort to address the ongoing FX crisis. Additionally, the Securities and Exchange Commission recently delisted the naira from the cryptocurrency market to tackle instability in the FX market.
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