EFCC agents open fire at Bureau De Change operatives in Abuja as naira depreciates to N1,700/dollar
Once again, the naira has depreciated against the dollar and now trades for N1,700 per $1. Upon hearing this news, the Economic and Financial Crimes Commission (EFCC) raided the Bureau De Change operatives in Abuja and fired gunshots to disperse them from trading. There are speculations that the Bureau De Change has contributed to the depreciation of the naira against other currencies and this was one measure to rescue the naira from complete collapse.
Reports claimed that President Tinubu's strategy to float the naira hasn't succeeded and it kept backfiring with adverse effects on the prices of products in the country. Prices of items have increased by more than 200 percent and Nigerians are no longer keeping mute about it.
Peaceful protests have rocked the nation ordering the President to do something to save the nation from collapsing. Although it is uncertain how the raid on BDC operators would positively impact the value of naira, the actions of the EFCC made it seem the BDC operators have an influence on the exchange rate.
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