EFCC threatens to arrest dollar hoarders as Naira continues to fall

Date: 06-08-2022 10:55 am (1 week ago) | Author: Abasiodu Sunday
- at 6-08-2022 10:55 AM (1 week ago)

The Economic and Financial Crimes Commission (EFCC) has threatened to arrest Nigerians hoarding dollars and other foreign currency.

The Chairman of the anti-graft agency, Abdulrasheed Bawa made the threat at a meeting with representatives of Bureau De Change operators in Abuja on Friday, August 5.

This follows the anti-graft agency’s ongoing efforts to check rising cases of foreign exchange speculation, which had brought pressure on the value of the naira.

“The Commission has intelligence linking some persons and organisations to hoarding foreign currencies, especially the United States dollars, in key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar.

We warn those involved to desist or risk arrest as a major offensive against the speculators is underway,” Bawa said.

The EFCC boss warned people who are in the habit of hoarding forex to desist or risk arrest as a major offensive against the speculators was underway.

He noted that the meeting was called to fashion out a collaborative stakeholders’ response to brazen foreign exchange speculation, especially at the parallel market, which was hurting the country’s monetary policy by instigating a decline in the value of the naira.

The anti-graft agency noted that similar meetings are planned for Bureau de Change operators in other major commercial cities across the country, including key players, regulators and operators within the Nigerian financial sector.

Since the beginning of August, the dollar has continued to rise in Nigeria’s black market. Last week, the naira traded at N710 to the dollar in the parallel market. This forced the EFCC to raid some forex markets in Abuja, which saw the currency return to its pre-speculated value.

A few days after security personnel stormed a Bureaux De Change (BDC) hub in Abuja, the naira continued to strengthen on the black-market, strengthening to N660 per dollar.

comments below:

This people are really tired of everything and can’t handle it, APC is just fade up

You’re seriously [email protected] What are you people doing about the constant fall in Naira?

EFCC is the POLICE only more CORRUPT.

Posted: at 6-08-2022 10:55 AM (1 week ago) | Gistmaniac
- Dopybadass at 6-08-2022 12:01 PM (1 week ago)
End Buhari,End Nigeria now!!!!
Posted: at 6-08-2022 12:01 PM (1 week ago) | Gistmaniac
- Kidfreshfunmi at 6-08-2022 12:16 PM (1 week ago)
 Grin haha Good luck with that. Smart guys are hoarding USDT, dummies!
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- nikiniki at 6-08-2022 08:29 PM (1 week ago)
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so if i work for my money and change it to dollars, you will arrest me? ok now, we meet in court! people are not the reason for devaluation of naira you idiots! economiy policies are! stop importing, keep exporting, generate revenue through foreign direct investment and make your country conducive to do biz but not for the indians and chinese who are part of your corrupt system!
Posted: at 6-08-2022 08:29 PM (1 week ago) | Gistmaniac