By Modupe Gbadeyanka
The raid on traders of foreign exchange at the parallel market by operatives of the Department of State Services (DSS) has received the backing of the Central Bank of Nigeria (CBN).
Speaking with newsmen on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja, Mr Godwin Emefiele, the CBN Governor, said there was nothing wrong with the operation.
He described those being arrested as engaging in “illegal traded.”
For some days now, the DSS has nabbed forex traders at the black market in Lagos, Abuja and Kano.
Few days ago, 40 forex hawkers were apprehended in Kano by men of Nigeria’s secret police.
However, the action has further weakened the Naira against the Dollar.
Mr Emefiele stressed that the foreign exchange regulation in the country forbids trafficking in currency, noting that the security operatives have the power to enforce the law and make sure that currency hawkers were apprehended.
He urged forex traders on the streets to legitimise their business by applying for Bureau De Change (BDC) licence, submitting that it was demeaning for them to hawk currency on the streets.
more recommended stories
Sell-Off Across African Markets as Foreign Investors Cut Exposure
By Dipo Olowookere Local currency and.
Cornerstone Insurance Shuts Down Branches
By Dipo Olowookere The management of.
Naira Drops 0.20% at I&E Window amid 19.88% Fall in Turnover to $782m
By Cowry Asset During trading last.
CBN Orders BDCs to Henceforth Access Forex Three Times Weekly
By Dipo Olowookere Dealers in the.