DSS Raids Bureau De Change Markets In Abuja, Lagos, Enforces Dollar Sale To N400

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Officers of the Department of State Services (DSS) raided two major Bureau de Change markets in Lagos and Abuja in a fresh attempt to end speculation in the foreign exchange transaction at the parallel market.

According to Daily Trust, the DSS have earlier directed the officials of the BDCs association to peg the dollar at N400 while selling and N390 while buying from customers.

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Immediately after the directives, the DSS operatives commenced the enforcement of the order by arresting those erring members that sold the dollar above N400 and or bought above N390 a dollar.

During the two-day operations, which took place between Tuesday and Wednesday, about five operators were said to have been arrested in Abuja and Lagos.

A trader who pleaded for anonymity said it was difficult to see the dollar to buy or sell in the market because nobody was willing to sell at the new rates by the DSS.



Bureau De Change

He said when customers heard of the new rate of N390 a dollar they usually turned back. He added that the best way out was for CBN to flood the market with enough forex, instead of using force to address the problem.

When contacted, the spokesperson of the Central Bank of Nigeria, Mr. Issac Okorafor, confirmed the activities of the DSS in the BDC market. He said most of the people arrested were unlicensed operators who were taking advantage of speculation to reap illegal money.

He said though the CBN had no hand in the raid, it was a welcome development for the market.

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In October, a three-man gang of armed robbers  dressed in the outfit of men of the Special Anti- Robbery Squad (SARS) reportedly raided the popular Bureau De Change market along Sakpoba Road in Benin the Edo State capital and carted away over N12 million in the process.

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