Offices of Black Market Currency Dealers Raided by DSS.

Nigerian intelligence agents have raided offices of black market currency dealers accused of exchanging the naira at a rate lower than the agreed 400 Naira to $1. 

One trader told the BBC that several people had been arrested by officers of the Department of Security Services (DSS) this morning in the capital, Abuja. 

The currency was floated on the international currency markets in June after previously having been set at a fixed exchange rate with the US dollar.

However the government last week ordered security forces to crack down on currency dealers in the wake of the central bank’s apparent inability to stop the naira’s slide.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s