DSS Raids BDC Markets, Forces Dollar Down To N400

By Admin on 11/11/2016

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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

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