Also raided by the DSS operatives were registered BDCs operators who were accused of selling the dollar above N400.
The development, forex dealers said,
forced some of the BDC operators to seek means of selling foreign
currencies in their possession, especially dollars, pounds and euros at
stipulated rates.
A licensed BDC operator in Abuja, Alhaji
Yusuf Rabiu, told the News Agency of Nigeria that the raid on the
registered operators made some of them to reach an agreement on how much
the various foreign currencies should be sold for.
On Wednesday, the DSS had raided the
offices of some BDC in Lagos and Abuja, arresting operators selling
above the stipulated exchange rate.
The DSS operatives posed as end-users
who came to purchase dollars from the BDCs. After surveying the market
for exchange rate offerings, they arrested some BDC operators who sold
above the Central Bank of Nigeria’s stipulated rates.
Rabiu said, “On Monday, the EFCC called
so many licensed BDC operators. The issue is that they feel we are
unnecessarily hiking the rates. But it’s not our fault.
“Right now, their focus is on our
business; they have been calling us one by one and we don’t want
problems. That is why we have agreed to have a fixed rate for now. After
the raid in Lagos, the Abuja operators met and agreed on a fixed rate.”
Another trader told Reuters that security agents visiting the BDC operators told dealers not to sell dollars for more than N395.
“We’ve stopped buying dollars from just
anybody that walks into our shops due to the harassment from security
agents and a directive from our association,” said a dealer, who spoke
on condition of anonymity.
The President, Association of Bureau De
Change Operators, Alhaji Aminu Gwadabe, said the association had this
week inaugurated committees to ensure that members complied with its
regulations on exchange rates.
He said ABCON was working with the CBN to ensure that speculators, illegal operators and errant members were dealt with.
Gwadabe added that licensed dealers had
agreed with the central bank and the security agencies to enforce a rate
of N390 to N400 to the dollar.
“The issue of naira depreciation has
been narrowed to the activities of speculators and we have decided, with
the cooperation of both the central bank and the security agents, to
enforce a new rule on pricing,” he said.
But economic and financial experts said the approach of arresting the operators would not work.
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