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EFCC Raids Kano Foreign Exchange Market, Arrests 7

Chairman of the market Sani Wada dispelled rumours that members are hoarding dollars.

No fewer than seven forex traders at the popular foreign exchange market popularly known as WAPA, were arrested by the operatives of the Economic and Financial Crimes Commission (EFCC) on Wednesday in Kano.

Confirming the operation to newsmen, the chairman of the market Sani Wada, dispelled the rumours making the rounds that their members engaged in hoarding dollars in the market which has more than two hundred licensed forex traders.

His words “It was a joint taskforce that raided the market in search of those who are hoarding dollars and causing the depreciation of in the value of Naira.

“They have arrested no fewer than seven individuals, some of them are our bonafide members and others are only passersby. All of them were arrested randomly and none of them was arrested carrying even a dollar.”

“Although we are yet to meet the task force, they told us they are going to screen them to confirm their identities,” he said.

“The WAPA Forex Market is licensed and there are no fewer than two hundred licensed individual outfits here in the market. All our operations are within the ambit of the law.

Wada further explained that “When they struck, they hindered activities in the market as people closed down their offices, however, things have since returned to normal.

The Chairman also urged the Nigerian government to implore the whistleblower tactic to track down those who engaged in hoarding Dollars in the country.

He lamented that there is no Dollar anywhere in the market at the moment. “Nobody has it, even if you see it, it will not be more than $100 or $200 that’s all. We don’t have Dollars as I am talking to you now.”

Ahmad Sorondinki in Kano

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