Nigerian security agents have raided the offices of black market currency dealers on Thursday according to reports from Reuters. Security agents were said to have detained some dealers and ordering others to sell dollars at a lower rate in a bid to break the fall of the currency, dealers said.
Nairametrics reported earlier that the CBN had met with BDC operators and SSS in a bid to force them to selling above the 2% margin fixed for them by the CBN.
According to Reuters, A BDC operator Mallam Adamu had confirmed the raid was taking place in Abuja and Lagos
“The police and state security service officials are raiding black marketers in Lagos and Abuja to compel an appreciation of the naira,” Mallam Adamu.
Another trader said security agents visiting bureau de change operators told dealers not to sell dollars for more than 395 naira. The Lagos police had no immediate comment. The Central Bank also declined to comment insisting only that the bank was concerned about the spread between the official and parallel market rate.
Reuters also reported that parallel market operators had stopped buying forex from everyone due to the actions of security agents
“We’ve stopped buying dollars from just anybody that walks into our shop due to the harassment from security agents and a directive from our association,” said a dealer, asking not to be named.
News continues after this ad