Operatives of the Economic and Financial Crimes Commission (EFCC), on Wednesday, raided bureau de change operators at the forex market located at Wapa in the Kano metropolis and arrested eight persons suspected for forex racketeering.
The EFCC officials from the Kano Zonal Command were said to have raided the market following the recent hike in foreign exchange.
The anti-graft agency said it has been watching closely the role played by the illegal Forex traders which contributed immensely to the unfortunate hike of Forex in the country.
It also expressed concern that money launderers are using the BDC to obtain forex on the black market in order to maneuver the Naira proceeds which faces imminent redesign by the government.
It was gathered that during the raid, the eight suspects were apprehended for engaging in the business without a license.
The suspects were later taken to the Commission’s office for further investigation. Read more.
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