Agents of the Kano Regional Command of the Economic and Financial Crimes Commission have arrested eight suspects for foreign exchange extortion at the prestigious foreign exchange market located in the Kano metropolis of Wappa.

EFCC officials are said to have raided the market to stem the recent forex rally.

The Commission has been keeping a close eye on the role played by illegal foreign exchange traders who contributed greatly to the country’s unfortunate rise in foreign exchange.

The committee is also concerned that money launderers use BDC to obtain foreign exchange on the black market to manipulate the ill-gotten naira facing a government redesign.

It is understood that during the raid, eight suspects were arrested for operating without a license.

The suspect was later brought to the committee’s office for a thorough investigation.

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