EFCC) raid BDC

The decision of the Economic and Financial Crimes Commission (EFCC) to raid Bureaux De Change (BDC) operators across major cities of Nigeria in a bid to curb ...

But Litecoin (LTC) went up by 13.2 per cent to trade at $62.25. Its value went down by 4.9 per cent yesterday to trade at $0.1318. “Today, banks and financial institutions in Nigeria are more than keen to partner with us and launch new and innovative products for a new-to-credit segment. The new player plans to introduce new-age fintech solutions around digital lending in the country. Without available credit services, small farmers, SME owners, and the new to-credit segments face difficulty in obtaining loans to make profitable investments or pay off debts.” Yabx is currently operating in over 20+ markets worldwide and has scored over 100+ million customers. To do this, Yabx has partnered with several African banks to create large, scalable, and profitable digital lending portfolios by leveraging its fintech platform. The most active stock by value (year-to-date) was still CSCS with the sale of 687.8 million units valued at N14.3 billion, followed by VFD Group Plc with the sale of 29.1 million units worth N7.7 billion, and FrieslandCampina WAMCO Nigeria Plc with a turnover of 15.1 million units valued at N1.8 billion. [Business Post](https://businesspost.ng/) reports that the share price of FrieslandCampina WAMCO Nigeria Plc went down by 5 Kobo in the midweek to close at N69.95 per unit compared with the previous closing price of N70.00 per unit. The numbers must have improved post-pandemic, but there is still a long way to go. Also, at the parallel market, the exchange rate of the Naira to the Dollar further weakened yesterday by N34 or 4.2 per cent to trade at N850/$1, in contrast to the preceding day’s N816/$1. The action followed the announcement of the Central Bank of Nigeria (CBN) to redesign the Naira notes to tackle inflation in the country and stop counterfeiting.

The Nigerian government is fighting to defend the honour of the naira and arrest its decline. BDC operators are up next on its hit list.

Meffy has to step in and resolve this crisis or we may be heading for ₦1,000 to the dollar by the end of the year. Yet, even that move has been met with [doubt by](https://www.zikoko.com/citizen/meffys-naira-redesign-plan-may-be-an-april-fools-prank/) [the Ministry of Finance](https://www.zikoko.com/citizen/meffys-naira-redesign-plan-may-be-an-april-fools-prank/). [by Guardian](https://guardian.ng/news/dollar-scarcity-worsens-as-banks-ration-withdrawals-bdcs-stretched/), the dollar scarcity is fuelled by a number of factors. For starters, the solution to the naira’s decline can’t be the harassment of BDC operators. But the highhandedness of the raid isn’t new, and is only the latest in a long list of bizarre attempts to stop the naira’s decline. For example, in September 2021, the Central Bank of Nigeria (CBN) banned AbokiFX from publishing parallel market rates, aka black market rates.