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EFCC Raids Kano Forex Traders, Arrests Eight Suspects

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No fewer than eight operatives of Bureau de Change in Kano state were arrested by the  Economic and Financial Crimes Commission.

Operatives of the Kano Zonal Command of the Economic and Financial Crimes Commission arrested the eight suspects for Forex racketeering at the famous Bureau de Change market located at Wapa in the Kano metropolis.

The EFCC officials were said to have raided the market in an effort to arrest the recent hike in foreign exchange.

The Commission has been watching closely the role played by the illegal Forex traders which contributed immensely to the unfortunate hike of Forex in the country.

The Commission is also concerned that money launderers are using the BDC to obtain Forex on the black market in order to maneuver their ill-gotten Naira which faces redesign by the government.

It was gathered that during the raid, the eight suspects were apprehended for engaging in the business without a license.

The suspects were later taken to the Commission’s office for a thorough investigation.

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