In Nigeria’s foreign currency sector, turmoil brews. Once-powerful players in the foreign exchange market now evade authorities, their erstwhile dominance shattered.
Resolve of both the Central Bank of Nigeria to begin forex sales to Bureau De Change (BDC) vendors after over three years break, and the crackdown on illegal traders in the foreign exchange market by operatives of the Economic and Financial Crimes Commission (EFCC) combined to pave the desired way for rates’ convergence as the Naira begins a persistent appreciation against the dollar.
The illegal Bureau De Change vendors, once ubiquitous in the vibrant heart of Wuse Zone 4, now flee. Their erstwhile bustling enclave, once synonymous with frenetic trading, lies deserted. Government and CBN joint intervention has purged the area of structures that throttled the naira’s value, transforming it into a desolate expanse.
The metamorphosis of Zone 4 from a teeming hub into a desolate landscape marks a decisive victory for the government. The demolition of structures and removal of individuals engaged in illicit currency dealings signal a turning tide in the battle against economic malpractice.
For street hawkers, once peddlers of speculation, the crackdown heralds despair. “It’s a perilous time,” laments Abubakar Bello, a vendor, highlighting the omnipresent threat of arrest. The shadow of law enforcement looms large, prompting traders to conduct business clandestinely, far from Zone 4’s abandoned streets.
“Oga, it’s not easy for us again o. Police and EFCC are parading Zone 4 every time and if they see me and you standing along this street they would just jump down and arrest us. Holding dollar at all is a big evidence against us. They will just handcuff both of us and take us to their office,” says one of the street traders of hard currencies said in a chat with this reporter in Abuja. “If you have dollar to sell, send me your address I will come to meet you wherever you are,” he stated.
Like Bello, most of the street traders now carry out currency transactions away from Zone 4 for fear of harassment or arrest by Police and EFCC operatives.
