DSS Raids BDC Markets, Forces Dollar Down To N400

By Admin on 11/11/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 903


In a fresh move to end speculation in foreign exchange, forex, transactions at the parallel market, operatives of the Department of State Services, DSS, raided two major Bureau de Change, BDC, markets in Lagos and Abuja, arresting about five operators.

Sources at the market told Daily Trust that the DSS had earlier directed the officials of the BDCs association to sell the dollar at N400 and buy from customers at N390.

The secret police commenced the enforcement of the order by arresting erring members of thw association that sold the dollar above N400 and or bought above N390 a dollar. Some traders were arrested during the two-day operation, which took place on Tuesday and Wednesday.

A trader at Zone 4 Abuja, who pleaded for anonymity, said it was difficult to see the dollar to buy or sell in the market because, nobody was willing to sell at the new rates by the DSS.

He said when customers heard of the new rate of N390 a dollar they usually refused selling, adding that the best way out was for CBN to flood the market with enough forex, instead of using force to address the problem.

Confirming the activities of the DSS in the BDC market, the spokesperson of the Central Bank of Nigeria, Mr Issac Okorafor said most of the people arrested were unlicensed operators who were taking advantage of speculation to reap illegal money.

While pointing out that the CBN had no hand in the raid, Okorafor said it was a welcome development for the market.

 

Posted on November, 11 2016

Share on facebook Yahoo mail icon Gmail icon


You may also like...
Delta LG elections results released so far

BREAKING : 20 killed in Kaduna blast

Arsenal reject £50m Man City’s bid for Sanchez...

Edo Governor-Elect Obaseki Reveals His First Assignment

Senate Frowns at CBN over non-circulation of coin...

Man shocked everyone; returns an overpaid N1million to...

20 Pastors, Imams commence Campaign to Bring down...

Jubilation at High Court Umuahia over Uzokwe's removal...

Nigeria to become world largest producer of cocoa...

Messi equals Raul's UCL scoring record

Army begins exercise in S/South, S/West Friday

BREAKING: DHQ Declares IPOB a Terrorist group
News Abia Election Special (3) Abia Supplementary Polls Update (18) Abia Supplementary Result update (22) Appointments (8) Breaking News (197) Business (43) Campus News (3) Crime (128) Economy (112) Education (129) Entertainment (148) Fashion and Style (3) General (846) Health (110) Inside Africa (41) International News (303) Interviews (28) National (1959) Politics (1003) Press Releases (118) Religion (9) Security (129) Sports (431) Technology (24) World News (87)

 

 

Advertisement

 

Latest News Unknown Gunmen abduct Edo traditional ruler APC rejects INEC’s decisions on Rivers, Bauchi Ikpeazu's re-election was free and fair - Opposition Guber candidate Anambra community protests govt agents’ intimidation Tribunal Orders INEC to Allow Buhari, APC Inspect Electoral Materials NLC Demands Full Autonomy for INEC JAMB Fixes 2019 Mock Examination for April 1 'My performance in 4 years will surpass Saraki's 8yrs' - Kwara Senator-elect Atiku, Makinde in closed-door meeting with Obasanjo IPAC congratulates Gov Ikpeazu

 

Most Read Islamic agenda for Nigeria – Pastor Bosun (24,634 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (17,837 views) The show of shame that sealed Justice Uzokwe’s fate (17,677 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (8,005 views) Lawyers accuse Lagos Police of working for PDP (7,510 views) Radio Biafra delivers AM Transmitter (7,255 views) ‘Why fuel scarcity persists’ (6,388 views) Abiriba Kingdom Celebrates as Eze Kalu Kalu Ogbu (IV) marks 14th year on the throne (6,123 views) Cojoined Twins Abby And Brittany Hensel Pose in Bikini (5,981 views) Nurse Justina Obi Ejelonu, one of the nurses that contracted Ebola virus is dead!!! (5,904 views)