DSS Raids BDC Markets, Forces Dollar Down To N400

By Admin on 11/11/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 675

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...
Fed. Govt's Monthly Upcoming Salary Scheme Revealed.

Biafra: South-East elders submit petition to US, UN...

Abia Guber: group raises alarm over Otti's alleged...

President Jonathan preach credible 2015 polls at christmas...

How I almost bought Chevron Netherlands at 29...

Nigeria Export Promotion Council (NEPC) Press Release

30 Imo workers arrested for N650m pension fraud...

Police to probe collapsed building

Police to tighten up security around media houses...

Egberi Papa 1 Of Bayelsa, Timaya, Is Our...

APC campaign train hits Aba

Alibaba joins the fight against piracy
News Abia Election Special (3) Abia Supplementary Polls Update (18) Abia Supplementary Result update (22) Appointments (8) Breaking News (195) Business (34) Campus News (3) Crime (100) Economy (101) Education (112) Entertainment (143) Fashion and Style (3) General (749) Health (107) Inside Africa (39) International News (303) Interviews (26) National (1886) Politics (810) Press Releases (105) Religion (9) Security (121) Sports (423) Technology (23) World News (87)





Latest News Our party may not participate in the 2019 elections – PDP Chairman Grazing Bill: Imo legislator says bill dead on arrival Grazing Bill: Imo legislator says bill dead on arrival FEC silent on Revenue sharing crisis FG to engage 300,000 new N-Power beneficiaries 2019: Police, civil defence demand N317m to feed dogs, horses FG Lied on Power Generation Capacity - Discos Ekiti election fell short of global standards, say US observer group, others 2019: I Can’t Join APC With Failed Leaders – Gov. Umahi Man kills wife for committing Adultery in Niger state


Most Read Islamic agenda for Nigeria – Pastor Bosun (22,559 views) The show of shame that sealed Justice Uzokwe’s fate (17,277 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (14,433 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (7,225 views) Lawyers accuse Lagos Police of working for PDP (6,997 views) Radio Biafra delivers AM Transmitter (6,716 views) ‘Why fuel scarcity persists’ (5,496 views) Nurse Justina Obi Ejelonu, one of the nurses that contracted Ebola virus is dead!!! (5,306 views) 2015: Abia’s plethora of governorship aspirants (5,128 views) Breaking News : 2015 - Abaribe withdraws from Abia guber race, backs Ikpeazu (5,090 views)