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Forex Crisis See Authorities Try To Rescue Naira With the Gun

The Economic and Financial Crimes Commission (EFCC), a parallel of the U.S. FBI, has gone all out to save Nigeria’s local currency, the naira from its continued free fall against the USD.

On Wednesday, Nigeria’s forex crisis saw the naira trade for N1,830/US$1 in the streets. The official exchange rate does not fare better too. The currency has plunged to N1,555/US$1, moving closer to the street rate.

The naira also weakened against the Great British Pound and the Euro. The rates are £1/N2,210 and €1/N1,855 respectively.

EFCC officials went on a raid against “unlicensed money changers” across major cities, particularly Enugu, Ibadan, and Abuja, yesterday, making more than 50 arrests.

The Nigerian authorities blame the traders for the sliding of the naira against the dollar. “Unlicensed operators are behind the exchange rates crisis in this country,” Dele Oyewale, spokesman for the EFCC, said.

The EFCC has since set up a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers whom they accuse of manipulating the exchange rate by under-reporting transaction rates.

Nigerians are wondering how the move would arrest the continued devaluation of the naira.

Ezinwanne Onwuka reports for TruthNigeria from Abuja.

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