Market News

Written by Abdulmumin Murtala

An operation by security operatives led by the Economic and Financial Crimes Commission (EFCC), in Kano has raided the popular foreign exchange market at WAPA, Fagge, Kano. The operation which lasted a while on Wednesday afternoon, saw the arrest of at least seven persons. While confirming the operation, the chairman of the forex market Sani Wada, stated that they don’t hoard dollars in the market and over two hundred individuals operating within are licenced by the authorities.

“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 out members and others are only passers-by. They said they are going to screen them to confirm who is who. We are yet to meet the taskforce now.

“All of them were arrested randomly and none of them was arrested carrying even a dollar on him. “The WAPA Forex Market is licenced and there are no fewer than two hundred licenced individual outfits here in the market. All our operations are within the ambit of the law.

“When they struck, they hindered activities in the market as people closed down there offices, however things have since returned to normal.”