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The EFCC has arrested BDC operators in Wuse Zone 4 over dollar rocketing. Take a look at what happened to both operators and traders.
BDC operators trading in the area stated that the raid happened around noon, causing chaos and fear in the area.
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The commission also conducted a raid on Monday afternoon, arresting traders who were only granted bail after paying between N30,000 and N50,000.
The development was part of ongoing efforts by the EFCC and the CBN to restore exchange rate stability and boost forex liquidity.
Despite these efforts, the naira began the week on a negative note against the United States dollar, closing at N1419.11/$ on Monday, indicating signs of a turbulent week.
Following a consistent climb to N1,120/$1 over 14 days ending on April 19th, from a previous rate of N1,470/$1 on March 25th, the Naira underwent a six-day depreciation, dropping by N310 or 21.68 percent, and settling at N1,430/$1 by April 26th.
Currency traders at the popular Zone 4 market said they sold the dollar at N1,340 per dollar, up from N1,275 over the weekend.
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