Bureau De Change operators go ‘underground’ in Yenagoa as soldiers lay siege

Advertisements
Advertisements

 Major foreign exchange spots in Yenagoa since Friday remained desolate following patrols by armed stern looking soldiers which compelled the ubiquitous currency dealers to go underground.

At Arita Lane area of Yenagoa, where the foreign exchange middle men held sway, the area was deserted and devoid of currency trading activities.

Advertisements

At the Yenexue-Gene axis of Yenagoa, a major hub for firing currency. soldiers were seen stationed around the premises of Bureau De Change operators offices. 

The development forced the currency traders to abandoning their offices for fear of being arrested. 

The siege by the soldiers scared away potential customers who patronised the foreign currency hubs as they bought foreign currency bills at higher rates than the commercial banks in the neighbourhood where residents receive foreign currency remmittance.

The clamp down on foreign currency and arrest of some operators were earlier in the week reported in Abuja, Port Harcourt and Lagos due.

A foreign currency trader who spoke with our Correspondent on telephone said that the development was worrisome and against the principle of free market economy.

The currency dealer who wished to be anonymous noted that the clampdown was not the solution to the sliding value of the naira and urged the Central Bank of Nigeria (CBN) to put on its ‘thinking cap’.

“Resorting to using soldiers to intimidate foreign currency market operators runs contrary to democratic ideals, our businesses are legal and if any one is suspected to be involved in illegal activities, he should be isolated.

“This widespread clampdown creates chaos which out economy does not need. The dynamics and market fundamentals respond to the forces of demand and supply, not crude force. Our services have been withdrawn for now,” he said.

He explained that they deserted their offices because they got wind of the security clampdown.

Advertisements

Leave a Reply

Your email address will not be published. Required fields are marked *