More than 40 Bureau d’ Change operators were on Friday arrested in raids conducted by the Department of State Security, DSS, at a popular money-changing spot in Kano state.

A DSS source who pleaded anonymity, confirmed the development, adding that the arrested persons were touts who were allegedly responsible for the hike in exchange rate.

The source stated that several warnings had been issued to the illegal merchants before the raids were carried out on Friday morning.

Similarly, the Auditor General of Al-Amanat Association of Bureau de Change, Abdulhamid Kabir, confirmed the arrests and said that members of his association were among those arrested.

“The DSS had a meeting with us earlier in the month and notified us of the need to control the exchange rate,” he said.

“Some of us have started adjusting the prices and the price rose again which made our people hike the prices.”

He pleaded with the federal government to give them some more time to adjust.