- Adeboye highlighted that forex hawkers significantly influence the naira’s exchange rate, expressing concern about relying on roadside sources for foreign currencies in the 21st century
The operatives of the Edo State Police Command have arrested 10 illegal forex operators, also known as Bureau de Change, in the state.
The Commissioner of Police in charge of the command, Funsho Adeboye, disclosed this to newsmen on Thursday in Benin City.
According to him, “We arrested 10 forex hawkers, that is, people who illegally deal in the sales of foreign currencies. They have been identified for illegally dealing in the sales of foreign currencies.
“We have Bureau De Change operators who are operating legally, and we didn’t touch them. We only arrest those who hawk foreign currencies,” he said.
Adeboye highlighted that forex hawkers significantly influence the naira’s exchange rate, expressing concern about relying on roadside sources for foreign currencies in the 21st century.
He urged people to utilize banks for foreign currency transactions and noted the government’s effort in registering Bureau De Change operators for convenience. Emphasizing the crackdown on illegal forex operators, he encouraged the public to visit registered offices instead of engaging with roadside operators.
He, however, advised operators with genuine licenses for BDC to carry on their legitimate activities without middlemen so that the nation’s economy can move forward.