200 BDC operators arrested by EFCC over alleges fraud

The Economic and Financial Crimes Commission ( EFCC) has arrested over 200 suspects in connection with foreign exchange scams and manipulation of the financial markets.
According to reports, the suspects were arrested by the EFCC for forex scam and manipulation of the financial markets.
Recall that the EFCC last week expanded its clampdown exercise on BDC operators, arresting traders in Lagos, Kano and Port Harcourt.
The raid of the BDC operators is part of the Federal Government’s efforts to tame the free fall of the local currency,as it blames the actions of speculators in the forex market and digital marketing sphere for the significant depreciation of the naira.