The Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, home to the majority of Abuja’s bureaux de change, on Friday.
The raid, which was also carried out in other parts of the country, came just days after the CBN blamed currency speculators for exacerbating the naira’s depreciation against the dollar and other foreign currencies.
An EFCC official told Charmingpro in Abuja that the raid was the result of weeks of undercover work.
“The plan is to dislodge currency speculators who are massively buying up all available foreign currencies,” a source explained.
According to the source, enough intelligence has been gathered to indicate that some people with large naira inflows have mobilized resources and are buying up available foreign currency, particularly the dollar.
“Similar operations have also been carried out at the country’s major airports.”
“It is a nationwide coordinated operation that will be extended to Kano, Lagos, and Port Harcourt,” he added.
Efforts to obtain official confirmation of the raid from EFCC spokesperson Wilson Uwujaren were futile because his phone was turned off.