Operatives of the Economic and Financial Crime Commission (EFCC) arrested some currency exchange operators in the famous Kano currency exchange market, WAPA, in the early hours of Wednesday.

Naija News reports that the latest development comes after the National Security Adviser, Mallam Nuhu Ribadu, ordered a crackdown on currency speculators.

An eyewitness, Malam Isma’ila Zico, who spoke with Daily Trust, said officials of the EFCC surrounded the dollar exchange section of the market and apprehended many operators.

Zico said, “They were so tactical in the operation, it was after the apprehension that we found out that they have been in the market since morning. When it was time for them to strike, we then saw their operatives with crested vests and some other security agents, and they surrounded the Dollar exchange section of the market. I can’t say how many people were apprehended but they have taken away many operators.”

Confirming the raid, the WAPA currency exchange market Chairman, Alhaji Sani Salisu Dada, said the operatives of the EFFC were in the market to address the issue of dollar hoarding and operators that were yet to register as certified bureau de change operators.

He explained that EFCC had made some arrests, and those arrested were taken away for further investigations.

The chairman added that normal activities had returned in the market, and the association was ready to comply should the need arise.

The operatives also raided Bureau De Change operators in Sabo, Ibadan, over an alleged naira/dollar exchange hike.

Confirming the raid, an eyewitness said the current trading rate in the market is around N1900 to N1,940, adding that the operatives confiscated a lot of cash and arrested ten people.

He said, “They took about ten people. Amongst the arrested are people who don’t deal in exchange business, innocent people. They said they hiked the dollar to naira rate.”

The operatives also raided BDCs in Wuse Zone 4, Abuja.