The Economic and Financial Crimes Commission on Tuesday invaded the offices of black market currency dealers in Abuja, arresting merchants as the value of the naira continues to fall.

According to reports, heavily armed officials raided Sheraton Hotel and its environs in Abuja to apprehend certain Bureaux De Change operators.

The development comes after Peoples Gazette reported that the value of the local currency deteriorated against the dollar, trading at N800 to the dollar and continuing to decline ever since.

Checks by The Gazette with Aboki Forex revealed that the country’s currency exchanged at N820 against the dollar on Tuesday evening,

Recently, the Godwin Emefiele-led apex bank announced plans to redesign the naira, giving Nigerians till January 31, 2023, to return their old currencies to the bank’s vault.

However, experts have anticipated that politicians will overwhelm BDC operators with the old currencies that they have accumulated at home in an effort to avoid direct transactions with the bank, which will increase demand for dollars.

The dollar has continued to rise since the apex bank announced plans to redesign the naira.

When contacted by The Gazette, EFCC spokesperson, Wilson Uwujaren was unable to confirm the development, saying, “I’m not aware of the raid.”