As the dollar's value continues to rise against the naira, the Economic and Financial Crimes Commission (EFCC) has escalated its crackdown on currency speculators and cryptocurrency platforms suspected of manipulating Nigeria's currency market.
Insiders within the commission revealed that the EFCC's recent actions extend beyond targeting Binance alone; instead, they encompass a broad spectrum of cryptocurrency platforms and other entities involved in manipulating the Nigerian forex market.
A reliable source within the EFCC stated, "The EFCC is pursuing all currency speculators to restore stability to Nigeria's forex market."
Echoing this sentiment, another source emphasized, "The commission's efforts are not limited to Binance but encompass a comprehensive approach targeting cryptocurrency compliance and exchanges. This multifaceted approach has contributed significantly to stabilizing the market."
In response to inquiries about these intensified efforts, EFCC spokesperson Dele Oyewale reaffirmed the commission's commitment to upholding lawful practices in Nigeria's forex market.
Oyewale stated, "The commission is diligently executing measures within the bounds of the law to ensure the restoration of orderliness and integrity in Nigeria's foreign exchange market."
With the EFCC's vigorous enforcement actions, the spotlight remains on cryptocurrency platforms and currency speculators amid ongoing efforts to mitigate the impact of the dollar's surge on Nigeria's economy.
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