Foreign currency traders in Abuja’s Bureau de Change (BDC) market in Zone 4 area of the capital city, have advised the federal government to come up with more realistic ways of stemming the downward spiral in the value of the naira, saying the naira cannot be saved by intimidating and harassing traders with security operatives.
This is just as the traders on Wednesday fled their shops, following a sustained onslaught by security operatives.
Trouble started on Monday when armed operatives of the Economic and Financial Crimes Commission (EFCC) stormed the market and took over all plazas housing traders’ shops and also positioned themselves at adjoining streets.
Attempts by the EFCC operatives to carry out arrests were, however, resisted, leading them to begin shooting sporadically in the air.
This led to commotion as some traders fled the scene while others stood their ground and hurled pebbles at the operatives shouting “Karya ne’ in Hausa, meaning “it is a lie.”
On Tuesday, armed policemen stormed the market harassing and intimidating traders and also carried out some arrests.
The police came in three cars together with some members of vigilante around midday and started chasing away traders they met in the vicinity.
They, however, left after one hour without carrying out any arrests as traders fled on sighting them but returned by evening and arrested some traders.
On Wednesday, the EFCC operatives returned and took over the market, shooting sporadically in the air and breaking shops.
A BDC operator, Mohammed Sani told 21st CENTURY CHRONICLE that the government was going about things the wrong way, maintaining that unleashing security operatives on the traders will not stem the steady fall in the value of the Naira against the dollar.
He said the demand is high while the supply is low, adding that with that, the value of the Dollar will continue to rise.
Giving a real time account of the situation, Sani noted that the exchange rate was N1,740/$ before the EFCC operatives came, and by the time they left, it had risen to N1,820/$.
Another operator who declined to give his name for fear of victimization, told 21st CENTURY CHRONICLE that the traders cannot be intimidated as there is high demand for dollars while the supply is very low.
He attributed the situation to a supply shortfall on the part of the government.
“We source for the Dollar by ourselves,” the trader said.
Chairman, Zone 4 Traders Association, Alhaji Abdullahi Dauran, in an interview via phone, said the raid is based on government instructions.
Dauran further said as law abiding citizens, they are cooperating with the development as leaders as well as their members.
When asked if such a raid can make the dollar depreciate, he said he cannot predict as only God knows what will happen tomorrow but there is demand with less supply in the market presently.
When contacted, the FCT police spokesperson, Josephine Adeh, was not forthcoming with any statement after she enquired to know which command the police came from.
Adeh was informed that the police officers were from the Abuja Zone 3 Police Division after which she did not get back to this reporter as at the time of this report.