Economy
Again, Abuja forex market shuts down over EFCC raid; see Naira exchange rate for Feb. 21 in Nigeria
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:
Black marketers on the run as @officialEFCC operatives raid market. pic.twitter.com/mAjKITaFb9
— Tim Elombah (@TimElombah) February 21, 2024
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 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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