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Naira Slumps Further Against Dollar Despite EFCC Raid on Speculators

Posted by Thandiubani on Thu 09th May, 2024 - tori.ng

FMDQ data showed that the naira dipped to N1,421 per dollar on Wednesday from N1416.57 on Tuesday.

The naira has continued its slump against the dollar, according to a report by DailyPost.

The depreciation of the naira comes despite the Economic and Financial Crimes Commission’s clampdown on foreign currency speculators in the FX market.

FMDQ data showed that the naira dipped to N1,421 per dollar on Wednesday from N1416.57 on Tuesday.

The figure represents a N4.46 depreciation against the dollar on a day-to-day basis.

Similarly, the naira dropped to N1438 per dollar on Wednesday from N1430 the previous day in the parallel market section.

A Bureau De Change operator in Zone 4 Abuja, Mistila Dayyabu, told DAILY POST that operators of the anti-graft agency raided and arrested some BDC operators on Wednesday.

“EFCC operators came again today; they arrested selected BDC operators who have cash. On Wednesday, the dollar was sold at N1438 and bought at N1432,” he said.

Recall that EFCC had yesterday resumed clampdown on illegal BDC operators and cryptocurrency platforms to defeat the FX crisis.

On Tuesday, the Securities and Exchange Commission delisted naira from the cryptocurrency market to tackle naira instability in the FX market.