In a bid to bring down the naira/dollar exchange rate, men of the Department of State Security Services have used a crude method to enforce the law.
*Photo used for illustrative purpose*
Officers of the Department of State Services (DSS) have raided two major Bureau de Change markets in Lagos and Abuja in a fresh attempt to end speculation in the foreign exchange transaction at the parallel market, Dailytrust reports.
According to the report, the DSS officers had earlier directed the officials of the BDCs association to peg the dollar at N400 while selling and N390 while buying from customers.
It was gathered that immediately after the directive, the DSS operatives commenced the enforcement of the order by arresting those erring members that sold the dollar above N400 and or bought above N390 a dollar.
The operation was executed for two days between Tuesday and Wednesday with about five traders arrested by the security men as at yesterday.
A trader who pleaded for anonymity revealed to Dailytrust that it was difficult to see the dollar to buy or sell in the market because, nobody was willing to sell at the new rates by the DSS.
He said when customers heard of the new rate of N390 a dollar they usually turned back. He said the best way out was for CBN to flood the market with enough forex, instead of using force to address the problem.
Spokesperson of the Central Bank of Nigeria, Mr Issac Okorafor, confirmed the activities of the DSS in the BDC market. He said most of the people arrested were unlicensed operators who were taking advantage of speculation to reap illegal money.
He said though the CBN had no hand in the raid, it was a welcome development for the market.