FOREX: EFCC operatives storm Wapa in Kano

Operatives of the Economic and Financial Crimes Commission (EFCC) on Thursday stormed Wapa, at Fagge local government area , housing most Bureau De Change operators in Kano.

Solacebase gathered that on arrival of the anti-graft operatives at the foreign exchange parallel market, most of the operators ran for cover as some closed their shops with the fear of arrest.

The EFCC operatives were reportedly said to be investigating claims that some individuals are mopping up and hoarding foreign currency thereby causing a scarcity that is driving up the value of the dollar.

However, the bureau de change operators were surprised as the operatives that came in three buses told  them not to panic as their mission was not to effect arrest, but rather to educate them on the need to reduce the volatility of the exchange rate of dollar to naira.

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The exchange rate between the naira and the US dollar that continued to rise was a source of concern to many over few days ago when the $1 was exchanging for N715

Although the naira over the past two days has relatively being appreciating as $1 exchange for N620 in Kano on Thursday with most bureau de change operators.

A bureau de change operator that spoke with Solacebase, Ibrahim Sale Dahiru said initially, they were scared of arrest when they saw the EFCC operatives with Policemen fully armed.

‘’ Honestly we thought they were here to arrest and intimidate us as they mostly do, but they were friendly and advising us on the need to make the foreign exchange available,’’ Dahiru said.

However, Secretary, Bureau de Change operators, Alhaji Sani Ilera Wapa who also confirmed the storming of the market by EFCC operatives said that nobody was arrested during the exercise.

He said the operatives went round the market but did not say anything about their mission.

Solacebase’s efforts to speak with the EFCC in Kano was not successful as the head of the media team  phone was not connecting.