AGS NEWS – Operatives of the Economic and Financial Crimes Commission (EFCC) reportedly conducted arrests at the bustling Wuse Zone 4 market on Tuesday, targeting Bureau De Change operators.

Traders at the market claimed that some of the BDC operators resisted arrest during the operation.

The EFCC routinely conducts raids to address street trading and enforce regulatory measures. However, Tuesday’s operation faced resistance, leading to gunfire and damage to the vehicles of the EFCC operatives, according to eyewitnesses.

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Speaking anonymously, a trader expressed frustration, suggesting that the frequent arrests felt like extortion tactics rather than genuine regulatory efforts.

Another trader warned that continued raids might escalate into violence, as people grow weary of the arrests and perceive them as futile.

The EFCC’s crackdown on currency-related offenses aims to stabilize the naira, which has been experiencing a decline despite recent enforcement efforts. Last week alone, over 20 BDC operators were apprehended in the capital city as part of these measures.

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Despite these efforts, the naira’s value remains volatile. Traders noted fluctuations in exchange rates, with concerns about predicting market behavior.

The naira’s official rate depreciated to N1,416/$ from N1,354/$, indicating a significant drop. This volatility has raised concerns about the currency’s stability and the potential impact on the economy.