The Economic and Financial Crimes Commission operatives on Tuesday reportedly arrested some Bureau De Change operators at the popular Wuse Zone 4 market on Tuesday amid the rapid depreciation of the naira.
In addition, traders said some BDC operators resisted arrest in the course of the undercover operation, according to The Punch.
The operatives had carried out routine raids to halt street trading in the market and eradicate arbitrary trading.
However, two currency traders who had witnessed the affirmed that the operation was resisted on Tuesday, leading to gunshots and damage to the operative’s vehicles.
A trader who pleaded anonymity for fear of retribution said they acted out of frustration after the arrests became too frequent and to extort money.
He said, “EFCC guys came to raid and make an arrest on Monday and they came today (Tuesday) but today’s operation was too strong.
“This is the issue we are facing. Yesterday (Monday) they arrested traders but they were attacked back today and gunshots were fired because our people tried to resist the arrest. They were provoked and frustrated. They even broke the glasses of the EFCC vehicles today and that means people are getting tired and desperate.”
Another trader who confirmed the incident warned that a continued raid by the anti-corruption body may result in mayhem.
The trader who also pleaded anonymity said, “If this thing continues like this, that means they would kill people because if they try to arrest next time, nobody would agree and another person would gather together so that nobody would be taken.
“That was happened today. People are now turning because all they do after arrest is to collect money from us. Nothing else is done. They are frustrating to use.”
Recall that the commission had recently arrested over 35 suspected currency speculators over alleged foreign exchange fraud.
But, the naira continues to nosedive.
A trader, Malam Yahu, complained of market fluctuations and said it was difficult to predict what rates would be traded at now.
He said, “Right now the market is just fluctuating, the naira is not stable at all and that’s why we are even sceptical about buying now. We can’t even predict how the market will trade.
“For instance, after today’s arrest, I didn’t buy or make sales to avoid a loss. I bought it earlier today at N1,400 and sold it at N1,425.
“We have also noticed that once the prices go up, there will be scarcity because they would expect the naira to drop further but if it’s at a loss, they would then rush to sell it off.”
Meanwhile, the naira depreciated to N1,416/$ from N1,354/$ recorded at the foreign exchange market on Monday at the official market, according to FMDQ data.
This figure showed a decline of 4.4 per cent or N62, raising concerns about rapid fluctuations.
