The Edo State Police Command has arrested 10 illegal forex operators, also known as Bureau de Change, in the state.
Commissioner of Police Funsho Adeboye disclosed this to newsmen in Benin City, stating that the arrested individuals were involved in the illegal sale of foreign currencies.
"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 noted that these illegal forex hawkers significantly influence the exchange rate of the naira against the dollar and other foreign currencies. He expressed concern that in the 21st century, people are still resorting to roadside transactions for foreign currencies.
He advised the public to conduct foreign currency transactions at banks or registered Bureau De Change operators, emphasizing that the federal government has taken steps to register legitimate operators in the country.
The commissioner assured that the crackdown on illegal forex operators would continue, as they aim to eliminate roadside transactions for foreign currencies. He encouraged licensed BDC operators to carry out their activities directly without involving middlemen, in order to boost the nation's economy.
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