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Again, Abuja forex market shuts down over EFCC raid; see Naira exchange rate for Feb. 21 in Nigeria

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Operators of the forex black market in Abuja were forced to shut down on Wednesday, February 21, 2024, as operatives of the country’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) raided the busy market in a bid to stem the tide of dollar scarcity.

The scarcity of foreign currency in the country has resulted in very high inflation, closure of businesses and loss of the jobs.

This has, in turn, skyrocketed the rising unemployment and increase in crimes and criminality.

A black market operator spoke with Diaspora Digital Media (DDM) correspondent, Wednesday morning, on condition of anonymity.

When interviewed, he said they were forced to close in anticipation of outburst of more fracas with EFCC operatives.

It could be recalled that the operatives, on Monday, February 19, raided a Bureau de Change location at the Wuse Zone 4 area of Abuja and arrested about 50 people.

EFCC claimed that the arrested suspects were operating illegally.

Watch video below as black marketers run as EFCC operatives raid the market:

In the meantime, the Naira slid further at the parallel market on Tuesday despite of the clampdown the federal government ordered on foreign exchange market operators.

Bureau De Change (BDC) hubs were raided in Abuja, Lagos and Kano with several operators arrested.

Despite the raids, however, the naira plunged further with a dollar exchanging for 1,900 in Abuja and Kano.

It also traded for N1,840 in Lagos; while the British Pound was exchanged for N2,250.

See also  Naira exchange rate for Wednesday, March 27, 2024, in Nigeria

See the Naira exchange rate for Tuesday, February 21, 2024, in Lagos below while Abuja BDC is under lock and key:

Abuja:

Date Currency Buying (₦) Central (₦) Selling (₦)
21/02/24 US Dollar
Euro
Pounds Sterling
Date Currency Buying (₦) Central (₦) Selling (₦)

Lagos:

Date Currency Buying (₦) Central (₦) Selling (₦)
21/02/24 US Dollar 1840.00 1900.00
Euro 1900.00 1920.00
Pounds Sterling 2200.00 2260.00
Date Currency Buying (₦) Central (₦) Selling (₦)

Central Bank of Nigeria (CBN):

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
21/02/24 US Dollar 1605.32 1605.82 1606.32
Pounds Sterling 2022.3821 2023.012 2023.6419
Euro 1728.2875 1728.8258 1729.3641
Swiss Franc 1820.5035 1821.0705 1821.6376
Yen 10.6971 10.7005 10.7038
CFA 2.4313 2.4413 2.4513
WAUA 1976.9399 1977.5557 1978.1714
Riyal 428.0397 428.173 428.3063
Danish Krona 231.8386 231.9108 231.983
SDR 2126.5674 2127.2298 2127.8921
Date Currency Buying(NGN) Central(NGN) Selling(NGN)

Export Exchange Rate Results to Excel / CSV

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