The Naira on Monday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday, according to Vanguard.
The local currency also depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.
Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.
Following the latest depreciation, operatives from the Economic and Financial Crimes Commission on Tuesday reportedly arrested some Bureau De Change operators at the popular Wuse Zone 4 market, according to Punch.
This came as traders also said some BDC operators resisted the arrest during a sting operation.
The operatives had embarked on routine raids to sanitise the market of street traders and eliminate arbitrary trading.
One BDC trader while confirming the raid, said, “EFCC guys came to raid and make an arrest on Monday and they came today (Tuesday) but today’s operation was too strong.
“This is the issue we are facing. Yesterday (Monday) they arrested traders but they were attacked back today and gunshots were fired because our people tried to resist the arrest. They were provoked and frustrated. They even broke the glasses of the EFCC vehicles today and that means people are getting tired and desperate.”
The trader who also pleaded anonymity said, “If this thing continues like this, that means they would kill people because if they try to arrest next time, nobody would agree and another person would gather together so that nobody would be taken.
“That was happened today. People are now turning because all they do after arrest is to collect money from us. Nothing else is done. They are frustrating use."