Earlier this week, the Economic and Financial Crimes Commission (EFCC) carried out a sting operation at the Wuse Zone 4 market, targeting Bureau De Change (BDC) operators. However, some traders resisted the arrest, resulting in gunshots and damage to the operatives' vehicles.
One of the traders revealed that the resistance was due to frustration, as they believed the arrests were a way to extort money from them. Another trader cautioned that further raids could result in deaths, and if this trend continues, future arrest attempts may face opposition, with groups forming to resist any apprehensions.
Despite the EFCC's efforts to stabilize the naira by arresting over 35 suspected currency speculators and parading over 20 BDC operators arrested in the capital city, the naira has continued to fall. The operators reported buying the dollar at N1,400 and selling it at N1,425 per dollar, with a profit margin of N25. This shows a N5 drop from the N1,430 it was sold for on Monday.
A trader named Malam Yahu raised concerns about the market fluctuation, noting the uncertainty in predicting trading rates. Data from the FMDQ exchange securities at the official market indicated that the currency depreciated to N1,416/$ from N1,354/$ recorded at the foreign exchange market on Monday. The new rate suggests that the naira has fallen by 4.4 per cent or N62, leading to concerns about rapid fluctuations.
On Tuesday, the intraday high climbed to N1,445 from N1,441/$1 recorded on Monday. The intraday low dropped to N1,301/$1 from N1,285/$1 it traded on Monday. However, the volume of dollars supplied by willing buyers and willing sellers increased to $160.77m from $84.3m on Monday.
Approximately ten weeks ago, the former rate hit its lowest point with a daily turnover of $66.4 million on February 19, 2024.
