EFCC battles black market to boost naira, local currency gains N60 to $1 within a Week.

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After plummeting to an all-time low of N710.00 the value of the local currency in Nigeria increased dramatically this week; when compared to the US dollar on the P2P market on a week-to-week basis.

After the nation’s anti-graft agents raided currency operators in Lagos and Abuja, the naira recovered; from a record low against the dollar on the black market. Which strengthened it to N650 per dollar, thus keeping the naira up by N60 to a dollar in the last 7 days.

The Economic and Financial Crimes Commission (EFCC) reportedly searched bureau de change operators and questioned them; about their operations while the anti-graft agents snapped photos of currency dealers and made copies of their identification cards.

Nairametrics.

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