EFCC threatens to clamp down on ‘Foreign exchange hoarders’

EFCC threatens to clamp down on ‘Foreign exchange hoarders’

The EFCC has threatened to clamp down on foreign money hoarders whose actions are stated to be contributing to the decline within the worth of the naira.

The fee’s chairman, Abdulrasheed Bawa, issued the menace at a gathering with representatives of the Bureau de Change operators in Abuja on Friday.

In response to an announcement by EFCC spokesman Wilson Uwujaren, the fee has recognized Kano, Lagos, Port Harcourt, Enugu and Calabar as hotspots for greenback hoarders in Nigeria.

Bawa, who additionally disclosed that the fee has intelligence linking some people and organizations to hoarding international foreign money, particularly US {dollars}, in the important thing buying and selling cities of Kano, Lagos, Port Harcourt, Enugu and Calabar, nevertheless, warned these concerned to desist or danger arrest as a significant crackdown on speculators is underway,” the fee assertion learn partly.

The assembly between the chairman of the EFCC and representatives of BDC merchants was a part of the fee’s efforts to rein in rising foreign money hypothesis that has put strain on the worth of the naira.

The assembly was known as by Mr. Bawa to plan a collaborative response to foreign money hypothesis, particularly within the parallel market, which is claimed to be contributing to the naira’s decline in worth.

In latest weeks, Foreign exchange speculators and foreign money merchants have been blamed for contributing to the free fall within the worth of the naira, which has plummeted in latest weeks.

the EFCCA couple of week in the past, it raided a BDC seller heart in Wuse zone 4, Abuja, to arrest foreign money speculators who’re allegedly gobbling up obtainable foreign currency en masse.


Within the assembly with Mr. Bawa on Friday, the BDC operators thanked the fee for the invitation.

They expressed optimism for the naira’s rally, which started after the EFCC raid.

Related conferences are deliberate for different Bureau of Trade operators in Nigeria’s main enterprise cities, in addition to with key gamers, regulators and operators within the Nigerian monetary sector.

PREMIUM TIMES reported that Mr. Bawa met with the Comptroller Basic of the Nigerian Immigration Service (NIS), Idris Jere, on Thursday, on the foreign money disaster within the nation.

However particulars of what was labeled a technique assembly have but to be launched.

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