DSS moves against BDC operators, force dollar down to N400 - Naij

November 10, 2016
- Operatives of the Department of State Service have moved in on Bureau de Change operators in Nigeria

- The DSS directive the BDC operatives to sell dollar at N400 and buy at N390 from their customers

- The DSS also arrested some of the operators who defaulted on the secret police directive

On Wednesday, November 9, some officers of the Department of State Services raided two major Bureau de Change markets in Lagos and Abuja.
Daily Trust reports that the DSS action is an attempt to crash the wide exchange rate between the naira and dollar.
Sources said the secret police agents had earlier directed all BDC operators to peg the dollar at N400 and buy at N390 from customers.
But immediately after its directives, the DSS began arresting erring BDC operators that sold dollar above N400 and N390 respectively. Sources said about five operators were arrested in Abuja and Lagos as at Wednesday.

At Wuse Zone 4 in Abuja a cluster of BDC shop, witnessed slow activities as both the traders and customers were jittery. One of the traders 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.
The trader said when customers heard of the new rate of N390 a dollar they usually turned back.
He said the best way out was for CBN to flood the market with enough forex, instead of using maximum to address the problem.
Also, the spokesperson of the Central Bank of Nigeria Issac Okorafor, confirmed the activities of the DSS in the BDC market.
Okorafor 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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Steven Rich
Sep 17, 2018:
Well done
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