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EFCC arrests Abuja BDC operators as naira nears 1,600/$ (https://punchng.com/efcc-arrests-abuja-bdc-operators-as-naira-nears-1600/)

The content of the news can easily be predicted from the news title.

I can remember vividly during Buhari time when Emefiele was still the CBN governor, this also occurred several times. I mean EFCC to be arresting Bureau De Change operators. They (the EFCC) went to the operators and arrested many. Why would EFCC do something like this? It can not be because of two reasons than the operators to be afraid of exchanging naira to dollar.

They are looking for solutions, they resorted to a temporary solution as usual. This will solve nothing

For how long will they keep doing this, and how many foreign currency exchangers are they going to arrest? Will they move all over the country and mount on the exchange point to tackle and arrest everyone trying to exchange naira to a dollar or a dollar to a naira? 
 
And if they ever succeed in achieving this, what then will they do with forex exchange traders? Will they sanction an exchange for trading the dollar at a high rate? These people don't even know what they are doing. This is the market, and the naira is losing value unless they start working to bring it back. All they are doing is only going to make things worse. 
 
No one sets those prices; prices are adjusting to the bad economy and how devalued our dear currency has turned out to be. 

It's really very unfortunate how our government discards the major cause of a problem and begin to hold people that doesn't even have a hand in the predicament of the government in the course of their proclaimed corruption fighting. Is the bureau De Change officials the cause of naira devaluation? It's high time the EFCC stopped embarrassing officials that are no where close to the cause of an action. So now if they succeed in scaring the operators from exchanging the naira to foreign currencies would it implies that their decisions would have a positive effect on the naira devaluation?

EFCC are one of the most useless organizations in this country, arresting BDC operators like it's their fault our economy is bad, like they're the ones who dictate the value of dollar in the country. Everyone knows this administration started in failure, right from the start of fuel subsidy removal we knew there'll be a price hike in the country. Now I'm hearing of electricity subsidy, when our bills are already high and we don't enjoy constant electricity. Instead of focusing on how to patch up the leaks in our economy our leaders are always turning their attention to the irrelevant things or ways to harass citizens and make life more difficult for us. It is well, let everybody just hustle and pray hard.

You sometimes it appears as if people wey dey government no dey think or dem no get reasonable calculation of wetin dey cause a problem. E get wetin dem dey call cause and effect. The DBC operators wey dem arrest now na dem say make government no fix electricity for production? abi na dem say before you go remove subsidy then you go get measures to stop increase in pump price of fuel, diesel, kerosene, aviation oil and now cooking gas don join. Na the people wey dem arrest say make dem no build refineries.... It appears Nigerian government just go waste every 4 yours times 2 on the seat. Abi dem go arrest binance management too? Funny people.

When dem worry about Naira crashing then they should look at the cause of it. How far is the manufacturing sector of Nigeria , zero. Nigeria na consumption country and dem dey rely on importation and for dat to happen, you go need to convert your Naira to dollar meaning you have to search for where to get the dollar and since the dollar is sort after then the rule on demand and supply go come into play, so the demand for dollar is high and the value go increase. This thing solution na for the government to fix the economy, no be to dey arrest innocent people wey dey hussle deir own.

Smiles, I think this is actually a laughable action by the government to be arresting people that knows nothing about the root cause of the whole problem, but it quite unfortunate that this is what you get when you have incompetent people in the head of affairs.

Instead of them to focus more on productivity and declare national emergency on domestic product to bust out economy, so that our naira will appreciate, they are busy looking for who to lay the blame on

It's disheartened to see our leaders pursue the wrong instead of the write, I see this move as the least that is leading to naira falling the giant to falling of naira is keep outside going after what can't solve the problem. This reminds me one thread I read about our government passing bill to stop bet naija, dies this have any impact in the fall of naira, these tell you how they leave the write and always go the wrong way that leads to the falling of our naira. We lack productive, the work force is waste no youth is engaged in production but consumption. Which have lead to food hike, but our leaders ignore this going after, marketer who buy and store food.looking critically with all this there cutting corners instead of the right thing conclude that is effort on waste that will aid no results.

That's the problem with our leaders, always looking for ways of shifting responsibility to others just so they can be seen to have made a move regarding the plight of the masses after which everything goes back to normal or worsen off with time.

They already know that facing the local bureau the change guys won't solve any thing but na those people their hand fit easily torch their head and they will have to suffer for the poor economic management of these politicians.

My concerns had been on how a slight change in the dollar to naira rate will totally shake our economy to the extent it has gotten to at this moment. Are we trying to say that we don't even produce any viable product in this country? We really have a long way to go as a nation cause the rate of grievances among the masses considering the challenge people have been going through within these few days, don't be surprised that protest might break out any moment from now.

As usual Nigerian government are always busy chasing the shadows of the problem and avoiding the main problem itself. Have they gone to arrest bank managers that tell individuals that there is no dollar in the bank to issue and go behind to sell to BDC operators to maximize their gains?. what have they done and what policies have they enacted to make sure that we produce more than we import to save the currency from sinking in value?. They are very busy arresting BDC operators as though they are the causes of the Nigerian problems.

Have they arrested the president or even challenged him for acquiring government owned assets for his private interests?. have they even criticized his decision of floating dollar acquisition, thereby making it impossible for industries to access dollar at cheaper rates and leading to the very high costs of products we experience now?. They are only looking for relevance and as usual in the wrong places.
 Until this BAT led administration focuses on the main problem and not beating around the bush like the previous administration, we should expect more and more senseless dramas from them while the major issues are left unattended.  

E de easy for our government to heap di blame of dem incompetence to oda people, instead to focus on di solutions on how to comot dis our country for di mess wey we find ourselves. As dem don arrest di BDC operators for Abuja, how e take help our shitcurrency? BDC operators no be di problem of Nigeria, make dem focus on providing enabling environment for investors to do business inside di country, by fighting terrorism, banditry and kidnaping, repair our refineries and build new ones, constant electricity supply and tackle high cost of our local food wey no be imported, many more pressing issues wey de dem table, na to de arrest people wey dem incompetence make dia business to de flourish.

Stablecoins makes the US dollar to have more value, but this does not count in forex market. It is the forex market that determines the exchange rate. Correct me if wrong.

You are correct. The cause of what is causing dollarization of the country is not solved and the government are not trying at all. It is like this country is cursed with incompetent leadership.

I was disappointed with this kind of news during this time. They are only deceiving people that they are working excellently. Arresting BDC operators is wrong because they think they are causing naira devaluation. But I guess the CBN will tell them to do so to deceive people.

I read the replies of other posters, you also agree with me. This is just an evidence of one of the reasons the economy is bad. We are not getting anything right in this country. Both the government and their officials.

The government always get it wrong and always go after the wrong people just to prove a point that they’re really working to make things work out for the country. They know the main cause of the problem but they won’t go through that path because their interest won’t be protected any longer. Bureau De Change operators are just business people also and they cannot set price for the exchange rate without it already altered from the top. I remembered when the government wanted to go after Binance because of how Naira was depreciating against Dollar in the country as of last year. It is now worse than before and they are yet to find a permanent solution to it and always resorting to temporary measures.


They know what they’re doing and besides, EFCC cannot just go after those operators without getting approval from the government itself. The organization is meant to go after political criminals but they’re are now deviating and being used by those same politicians to go after those that are clean and free of political money fraud. BDC does not dictate the value of dollar in the country, they know that and all of us know so too. But their selfish interest will never allow them to the right thing to make things work.

That is to say our governments has always got solutions to our problems but they ignores it because they are In one bowl caucus organizations dubiously sitting like the Kings in the thrown having the kingdoms laws to their selves favorable states while they remains unquestionable and untwartable of their indulgences in the societies and of course the economical factors.
Deep in, all of the above politicians including the financial regulatory commissions are ought to be in jails as far as they are the sharks of fraudsters in this country Naija because they ransacks directly from the national revenue services.
No just hope of way forward if this continues.

The decision of the EFCC is totally bumb. Even a 5 year old can understand that law isn't against the BDC for just exchanging currency. It's better they face the real cause of the problem and fix it, rather than beating around the bush and making wrong decision while things continue to get worse.i don't know about others but I'm sick and tired of the government pretending they don't know the real cause of the situation at hand. Yet we can still go ahead to borrow more to buy luxury cars for the Senate, minsters and house of assembly. While the economy experiences a crash due to inflation and our export market is Dead .

arresting BDC operators has nothing to do with the naira depreciation. I don't know why we always leave the right thing to focus on the wrong thing. Even if we claim they are taking advantage of the bad Nigeria economy. But are they the only one. Our bad electricity remain as it is today because some famous people are making good cash from it. Are they being arrested? Make Government leave this people and focus on stabilizing the economy.

Whenever I see stupid ideas and actions of the elites I laugh, because they usually thinks they are dealing with fools in the country, they think we are still back in the days where they will play such nonsensical actions and people will begin to praise them allowing them to loot more funds. people are now wise, our eyes are open we know what they are doing already.

If you're are not among the elites of the nation you will always suffer the consequences of their own stupidity. arresting innocent people who are just doing their business to claim that they are innocent shifting the blames to the citizens of the state. the sky rocket of things in the country is a strategy to get themselves more privilege to do what they wish to do. I know that the opening of dangote refinery has something to do with fuel price increase but they will always cover the real game with some stupid story but soon the truth will unveil and people will aggressive protest against the government. 

How about this? Our government is moving against currency speculators. Binance and other platforms are in their target too.


Nigeria Mulls Blocking Binance, Crypto Platforms Over Forex Manipulation (https://investorsking.com/2024/02/21/nigeria-mulls-blocking-binance-crypto-platforms-over-forex-manipulation/)

and I quote "Nigeria’s government is contemplating the drastic step of blocking Binance and other cryptocurrency platforms amid concerns over alleged forex market manipulation and illicit financial activities.
According to officials familiar with the matter, the move comes as the Nigerian currency experiences an unprecedented depreciation to an all-time low of N1,800 against the dollar in the parallel market."

Our government is now doing their usual, denying that they are incompetent and blaming the situation on artificial devaluation by currency speculators and exchanges like binance and other websites that show exchange rates.

It would be good if you make new topics with this so that more people can see it.

Nigeria government are incompetent and they have proved that again with this news. I do not see how cryptocurrency exchanges are affecting. They want to make Nigerians to go to decentralized exchanges which can be accessed with VPN. They have forgotten that no one can ban cryptocurrencies.

Nigeria government should be ashamed of themselves because they are on their official seats doing nothing and only thinking on how to steal and spend the country's funds, and nobody has done anything to them. Why didn't EFCC go and arrest Tinubu for the high rate of hardship in the country, or why don't they go and arrest Dangote, that is selling a bag of cement for 12k,or abi Dangote dey go import him cement, or na dollar we dey use buy cement. The government are just faking it as if they are doing something to change the situation, when they know that it is not the solution. Why didn't EFCC also go and arrest the banks, or are they not also trading dollars. This country leaders are deceitful.

Our people say "person wey him house don catch fire no dey posue rat" but I see am say Nigeria dey porsue rat instead of to quench the fire. This type of matter don dey linger around since. But people no dey emphasis am but this one don bring matter come out. For Nigeria our police dey leave to catch crime suspect dey catch inoccent people dey force them to talk wetting dem no no. EFCC dey arrest anybody wey dem see say him do better thing. And this thing don make me come into conclusion say EFCC na also a very strong corrupt entity of government, controlled by the corrupt politicians wey put them there. I no see any reason than that because every aspect of Government dey corrupt. If ona notice during time when we been get truthful leaders even say them no dey %100 but them dey manageable pass the one we get now. You go see say EFCC been dey do there work effectively by probing politicians wey dey do money laundering and many other financial crimes. But as leadership change every aspect change. Now EFCC be like robot. Anywhere dem tell tel them to go Naim  them dey go. and anything them tell them to do Naim dem dey do remotely. If you observe lately EFCC dey alway dey find yahoo boys pass any other thing and that na the sign say dem dey work for some set of government. And I believe say all those money dem dey collect from people na the politicians dem dey return am to from there them go get there cut. And na typical day light robbery in disguise of economic and financial crimes Commission (EFCC).

Now the question be say this bureau the change wey dem dey hold now wetting concern them? Because I no see any connection wey dem get with D recent decline in naira against dollar. Dem just dey act drama make people see them like say them dey do there job, when everything dey clearly written. What if them come hold people wey dey exchange dollars for naira physically, what about the online exchange wey dem no dey see anybody. I just pity the people wey dey do this things because them dey put there life at risk because of one useless man wey sit down one place they chop the money , dey make the EFCC to answer bad name
 Sorry to all of them. But I believe it is well because the price increases no go fit kill anybody but we go only dey used to am and adapt to the system till things normalised.

Good, this makes no sense brother how can dey be doing things that are not the real problems, every higher ranked Nigerians are like the police men that only focus on whatever they like as long as it brings money to themselves, they don't care if what they are doing are right or wrong but they just have to do it because they know that they will benefit from it.
That's not good BDC operators are not the real problems of this country but they politicians are and they won't arrest or question the politicians for their evils doings because they won't won't to lose their jobs. The government are building the corruption in our country to a level that can't be controlled any longer. One thing is they don't focus on the side which can change the country they only focus on what will build the corruption more and more.

Bad and currupt governance, politicians with selfish interest self centered man inhumanity to man, it is no longer new in our political system where the government always failed to recognize the major problems of it's nation making things to be much difficult for the common man, they are always chasing shadows instead of the real image. one of the funniest thing is that the citizens are always growing a thicker skin and adapting to the system.  Is really bad the way everything has been going in this country.

The immediate past administration and this very one have always resorted to action that are laughable to the knowledge of economists when they hear about this moves because these are not the problems to the fall of the Naira value. It's all a goose chase that clamping down on BDC is one of many resourceful actions that the government could have taken to tackle the Naira to dollar issue. I am poise to ask sometimes who are their economic advisers and where do they acquired their degrees from because is stupid doing same thing and expecting a different results.

Just about to, but discovered a thread has already been created for it.

https://bitcointalk.org/index.php?topic=5485884.0

Exactly, what they’re doing will definitely solve nothing but rather increasing the exchanges rate of these foreign currencies and driving fears into the hearts and minds of but buyers and sellers engaging in BDC business And just now wey I Dey read the news I also notice say the police authorities Dey also make some unauthorized arrest for port harcourt and I no really know who give police the right to go arrest those guys ?
But nevertheless I personally Dey against that very move and this our country Dey very funny as them Dey really Dey distracted from the important things and Dey try every means for distract our attentions and them already get luck say this generation already Dey distracted with the internet else them for don Dey get am hot hot.

No. This is not ideal. This is not what it suppose to be but it is what it is. This isn't even the first time that this agency is carrying out this disgraceful operation.

This is not the first time that they would carry out this operation. One year ago (https://www.channelstv.com/2022/07/29/naira-efcc-storm-bureau-de-change-hub-in-abuja/), the operatives of the Economic and Financial Crimes Commission stormed Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory to dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.

Did this change anything? No. But they have repeated the same thing. It is only a foolish person that expect a different result with the same strategy.

Next year, they will make the news headlines again for raiding and arresting bureau de change operators in Nigeria.

Yes. I know this is not the first time. The last time I heard about something like this was during Buhari time when Emefiele was the CBN governor. But some months ago, we have another incumbent president which is Tinubu. Tinubu appointed another CBN governor which is Cardoso. I thought things would change for better, but it is like how it was before but also getting worse day after day. Taking moves that can only help temporarily but not solving the problem.

 The question is, will the naira regain it's value after all these exchanges are effectively shut down? Or is our government so hell bound on chasing shadows?
If we begin to blame the EFCC, I go say nah waste of energy because them own nah to carry out orders wey the ogas at the top give them and even though them they call themselves ECONOMIC AND FINANCIAL CRIMES COMMISSION, which crime wey them fit prove say these bureau de change they commit? The truth is we can't fight corruption when the people fighting it are corrupt themselves. I mentioned this in the other thread that they are really looking for who to blame for their inability to revive the naira and honestly this is not the way to go.