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Naira Watch

Naira value rises at exchange markets as EFCC continues traders’ arrests



On Wednesday, the Nigerian currency, the Naira, recorded a slight gain against the dollar at the official and parallel section of the foreign exchange (forex) markets.

Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to Ripples Nigeria, confirmed that Naira’s value exchanged at N675 to the dollar compared to N680 per dollar on Tuesday.

They said scarcity had returned to the FX market.

On the official market, the naira appreciated by 0.52 per cent to close at N428.75 to a dollar yesterday, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.

Read also: Expert claims Naira overvalued by 200%, begs CBN to set currency free

The foreign exchange market witnessed appreciation in the past week after the Economic and Financial Crimes Commission (EFCC) raided a BDC hub in Abuja.

The anti-graft agency alleged that some BDC operators were mopping up foreign currencies, especially the dollar, to either hoard or smuggle the funds out of Nigeria.

To check the rising incidence of FX speculation, the EFCC vowed to clamp down on persons and organisations hoarding foreign currencies across key commercial cities such as Kano, Lagos, Port Harcourt, Enugu and Calabar.

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