The Economic and Financial Crimes Commission reportedly apprehended several Bureau De Change  operators during a raid at the popular Wuse Zone 4 market on Tuesday, as the naira continued to depreciate in value against the dollar.

According to eyewitnesses, the EFCC operatives engaged in a routine operation to curb illicit trading activities in the market, but faced resistance from some BDC operators, resulting in gunfire and damage to vehicles.

“Some EFCC guys came to raid and make an arrest… but today’s operation was too strong… they were provoked and frustrated,” one trader revealed.

Another trader expressed concerns that continued raids by the EFCC might escalate into violence, stating, “If this thing continues like this, that means they would kill people… they are frustrating us.”

The EFCC’s crackdown on currency speculators and BDC operators aims to stabilize the naira, which has experienced rapid fluctuations in recent weeks.

BDC operators reported buying the dollar at N1,400 and selling at N1,425 per dollar, indicating a profit margin of N25. However, the naira depreciated further to N1,416/$ at the official market, representing a 4.4% drop from the previous day’s rate.

Traders expressed concerns about market instability and the unpredictable nature of exchange rates, with some opting to abstain from trading to avoid losses.

Despite the EFCC’s efforts to curb currency speculation, the naira’s volatility persists, raising concerns among market participants about the economy’s stability.