November 02, (THEWILL) – 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 in forex trade without a 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.
According to an official of the anti-graft agency, the raid was conducted in an effort to arrest the recent hike in 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 manoeuvre their ill-gotten Naira which faces redesign by the government”, the source said, adding that the suspects have been taken into custody at the Commission’s Kano Zonal Office for a thorough investigation.
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