DSS Operative Friday afternoon in Kano raided Bureau de change spots and arrested no fewer than 40 currency dealers.
Eyewitness, Umar Iliya told Vanguard that the operative stormed the Wapa area at about noon, seized selected men and took them away in security van
The witness said the operation causes stir culminating in a pandemonium before their identity was revealed.
Vanguard learnt that simultaneously, another group currency dealers were arrested at the Aminu Kano International Airport, as well few others at Central hotel general area of the city.
Although the DSS official are quiet over the operation, but the Auditor General of Association of Currency Dealers, in Kano, AbdulHamid Kabeer confirmed the incident.
Eyewitness, Umar Iliya told Vanguard that the operative stormed the Wapa area at about noon, seized selected men and took them away in security van
The witness said the operation causes stir culminating in a pandemonium before their identity was revealed.
Vanguard learnt that simultaneously, another group currency dealers were arrested at the Aminu Kano International Airport, as well few others at Central hotel general area of the city.
Although the DSS official are quiet over the operation, but the Auditor General of Association of Currency Dealers, in Kano, AbdulHamid Kabeer confirmed the incident.
According to Kabeer “they arrested over 40 of our members in an operation that barely lasted half an hour.”
He disclser that “we are derply troubled over this unfortunate incident, and as I talk to you an emergency meeting is the offing to determine.
Meanwhile, the naira has remained at the same exchange rate of N465 per dollar in the black on Friday, November 18, as it was yesterday.
This comes just two days after the naira had dropped 10 points from N455 on Wednesday, November 16, to close the day exchanging at N465.
But with a bit of stability witnessed in last two days, there is hope the local currency will likely make some gains over the dollar next week.
Naira stays firm at N465/$1 as Buhari makes new appointments
Dollar to Naira.
This comes just two days after the naira had dropped 10 points from N455 on Wednesday, November 16, to close the day exchanging at N465.
But with a bit of stability witnessed in last two days, there is hope the local currency will likely make some gains over the dollar next week.
Naira stays firm at N465/$1 as Buhari makes new appointments
Dollar to Naira.
The recent depreciation of the local currency can be attributed to the raid on the market by the operatives of the Department of State Service (DSS) and Economic and Financial Crimes Commission (EFCC) last week.
It was gathered that the raid had instilled fear among BDCs.
It was gathered that the raid had instilled fear among BDCs.
The clampdown followed a meeting between the Central Bank of Nigeria (CBN), the SSS and leadership of the Bureau de Change (BDC) association aimed at finding solutions to the poor performance of the national currency against other international currencies, particularly the dollar, in the money market.
However, experts have predicted that the naira may likely make some gains over the dollar next week, although it may not be sustained.
An economist said: “We expect further appreciation of the currency in the parallel market over the short-term following the raid, but acknowledge that it may not be sustained for a prolonged period of time.”
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