By Praise Afolabi
The Economic and Financial Crimes Commission (EFCC) has stepped up its fight against unregulated currency trading with the arrest of 12 suspected illegal Bureau de Change (BDC) operators in Lagos.
Operatives from the EFCC’s Lagos Zonal Directorate 1 swooped on the suspects on Wednesday, August 27, 2025, after weeks of surveillance based on credible intelligence. According to officials, the arrested individuals were running forex businesses without the mandatory licences required by law.
Items recovered during the sting included stacks of cash and luxury jewellery believed to have been acquired from proceeds of the illegal trade. These are now in the custody of the commission as part of its evidence.
The EFCC said the suspects are being interrogated and will be charged to court as soon as investigations are concluded.
The crackdown comes amid growing concerns over the role of unlicensed forex traders in fuelling speculation, money laundering, and the persistent volatility of the naira. Authorities argue that such operators undermine official market interventions and worsen the strain on Nigeria’s already fragile economy.
In a statement, the EFCC warned that more arrests are imminent as it continues to track illegal operators across the country’s major commercial hubs. The agency also urged the public to deal only with licensed BDCs to avoid falling prey to black-market schemes.
The arrests highlight the government’s renewed resolve to sanitize the financial system and restore confidence in the currency market at a time when Nigerians are grappling with inflation and forex scarcity.
