Abuja - The Department of State Services (DSS) on Thursday raided the foreign exchange parallel market in Lagos and Abuja, arresting dealers who were selling the dollar above N400.
The BDC operators have severally been accused of causing artificial demand in the foreign exchange, thereby putting more pressure on the naira.
Also read: Naira plunges to 440 as dollar inflow drops
To regulate the segment, CBN recently issued a policy that allowed each BDC to buy dollars from Travelex at N381 per dollar and sell to end users at a maximum of N400 per dollar
The DSS operatives according to Punch had 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 CBN agreed rates.
On Thursday, the naira averaged N460 to the dollar at the black market where most individuals patronize.
- News 24