Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested eight suspected forex racketeers in Kano.
Some of the suspects were nabbed for engaging into forex trade on Tuesday, November 1, 2022, without legitimate operating license.
The development followed a raid by the anti-economic crime body at the popular Bureau de Change market in Kano, otherwise known as (Wapa).
EFCC sources volunteered that the raid was conducted in an effort to arrest the recent hike of foreign exchange (Forex).
“The Commission has been watching closely the role played by the illegal forex traders, which had contributed immensely to the unfortunate hike in the exchange rate in the country.
“The Commission is also concerned that money launderers are using the Bureau de Change at WAPA to obtain Forex on black market in order to maneuver their ill-gotten Naira which faces redesign by the government,” said the source.
The suspects, who identities could not be established, have been taken into custody at the Commission’s Kano Zonal Office for a thorough investigation.
Source: Daily Sun
