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10 Nov 2016

Forex Crisis: DSS Storms BDC Shops, Forces Dollar Sales At Lower Rate

The Department of State Services (DSS) have 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, Daily Trust gathered.

Market sources said that 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.

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, DailyTrust reported that some traders were arrested.

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.

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