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Naira exchange

Raids on illegal forex dealers now endless—Emefiele

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Indications have emerged from the corridors of the Central Bank of Nigeria (CBN) that the ongoing nationwide crackdown on street operators of Bureau De Change (BDC) across the nation shall continue until the last operator is out of the street.

Explaining why the apex has taken the posture, the Governor of the bank, Mr. Godwin Emefiele

said those arrested were foreign currency hoarders whose unwholesome practices have kept the US dollars very high and scarce, to the detriment of Nigerians.

He stressed that the Nigerian foreign exchange regulation forbids trafficking in hard currency on the streets, adding that the DSS’ raids were lawful and commendable.

According to him, “The foreign exchange regulation in Nigeria today forbids trafficking in currency on the streets. We should underscore that point. You cannot stand on the street and traffic in foreign exchange. What we know is that the security agencies have the right to enforce the laws, which says you cannot traffic in foreign exchange. You’re supposed to be in your offices to conduct your businesses. So, you will have to adhere to that.

 “If you don’t adhere to that, the security agencies will arrest you. So, on whether it’ll drive black marketers away and make dollars more scarce, let me say that black market in itself is an illegal business. So, we don’t consider, in our own analysis, people who want to go underground to conduct illegitimate business. If you are conducting a legitimate business, you should be free to operate openly; not under the table”, he explained.

On the allegation that the apex bank plans to confiscate and jail those who keep dollars at home, Emefiele said there was no such plan, even as he urged Nigerians to verify information before serving the public same.


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