The CBN allows each BDC to buy dollars from Travelex at N381 per dollar and sell to end users at N385 per dollar.
According to reports, DSS operatives posed as end-users who came to purchase dollars from the BDC operators and surveyed the exchange rate of each of the operators.
The operatives arrested some BDC operators who sold above the CBN exchange rate of N385.
It was learnt that DSS operatives raided Hajj Camp and Murtala Muhammed International Airport and closed BDCs selling dollars above the exchange rate of N385 per dollar.
A BDC trader, who spoke under anonymity with Vanguard, said the arrest had triggered fear among BDC operators.
“I learnt that the DSS are going round BDCs. Yesterday they went to Airport and the Hajj camp, warning them about buying and selling exchange rate. If you sell above N385 per dollar, they will arrest you. So, the whole market is paralysed. Nobody is buying; nobody is selling because you don’t know who you may be transacting with. If anybody asks for dollars, you tell them you don’t have. They want people to be hoarding dollars, and this will strengthen the roadside currency hawkers because when people cannot buy from BDCs, they will be forced to patronise black market operators,” the trader said.
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