On a rebound

Nigeria: Naira rises to N640/$1 as EFCC interrogates BDC operators

By Akin Irede

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Posted on August 3, 2022 19:48

The naira continued to rise against the US dollar on Nigeria’s parallel market, hitting N640/$1 on Wednesday from a low of N710/$1 last Thursday.

The Africa Report has heard that operatives of the Economic and Financial Crimes Commission (EFCC) stormed various bureau de change (BDC) hubs in Lagos on Wednesday with a view to ensuring that the exchange rate remains favourable to the naira.

The visit by the EFCC to the Lagos BDC hubs comes barely five days after a raid on BDCs in Abuja.

Rise in demand

Sources within the agency told The Africa Report that they discovered that unscrupulous politicians were buying up most of the dollars on the black market ahead of the general elections planned for next February.

According to detectives, the high demand for dollars drove up the price for the dollar, thereby affecting the exchange rate.

Some of the BDC hubs visited by the EFCC on Wednesday were the Murtala Muhammed Airport, Hadji Camp, the Federal Palace Hotel, Victoria Island and Broad Street around Balogun Market.

“We interrogated

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