DSS Raids BDC Markets, Forces Dollar Down To N400

By Admin on 11/11/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 824

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...
I declined Ambassadorial nomination because I don't think...

PDP Screening Committee Clears Gov Orji to Run...

Unical alumni solidarity for Gov. Ikpeazu

We Will Reveal APC Members Sponsoring BH; PDP...

Gov Orji inspects International Conference Centre, Shoprite, Others...

Gov. Ayade wins at supreme Court

Abia State Government disown verification of building permit...

Kachikwu petitions Buhari over NNPC GMD’s ‘insubordination’

NFF sacks Keshi

Messi equals Raul's UCL scoring record

Abia 2019: Aba House Owners endorse Ikpeazu for...

Nasarawa Deputy Speaker Defects to APC
News Abia Election Special (3) Abia Supplementary Polls Update (18) Abia Supplementary Result update (22) Appointments (8) Breaking News (196) Business (41) Campus News (3) Crime (121) Economy (111) Education (124) Entertainment (146) Fashion and Style (3) General (822) Health (108) Inside Africa (40) International News (303) Interviews (28) National (1932) Politics (953) Press Releases (112) Religion (9) Security (127) Sports (431) Technology (24) World News (87)





Latest News GEJ is the reason for delay in forming Buhari’s cabinet, Presidency Buhari will hand over to an Igbo president in 2023 , says Boss Mustapha Soldiers ‘flee’ as Boko Haram raids Borno community ‘I married you because my mumu never do,’ Charly Boy tells wife after 40 years of cohabiting OPINION: Alex Otti: When will Enough be really Enough? FRAUD ALERT: Do not pick up GEEP application form from any Campaign Office, Nwogu warns I can’t wait for presidential debate, says Atiku 11 people reported dead after eating toxic rice PDP Hails Peter Obi’s Performance At Presidential Debate Abia: Update on Osisioma Flyover


Most Read Islamic agenda for Nigeria – Pastor Bosun (23,931 views) The show of shame that sealed Justice Uzokwe’s fate (17,543 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (16,986 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (7,651 views) Lawyers accuse Lagos Police of working for PDP (7,323 views) Radio Biafra delivers AM Transmitter (7,092 views) ‘Why fuel scarcity persists’ (6,084 views) Nurse Justina Obi Ejelonu, one of the nurses that contracted Ebola virus is dead!!! (5,754 views) Abiriba Kingdom Celebrates as Eze Kalu Kalu Ogbu (IV) marks 14th year on the throne (5,727 views) Breaking News : 2015 - Abaribe withdraws from Abia guber race, backs Ikpeazu (5,527 views)