EFCC Identified Persons, Organizations Hoarding Dollars Amidst Naira Fall

EFCC Identified Persons, Organizations Hoarding Dollars Amidst Naira Fall

The Economic and Financial Crimes Commission (EFCC) on Friday announced that individuals and bodies were causing Naira fall.

The commission met with Bureau de Change (BDC) operators in the Federal Capital Territory.

The chairman Abdulrasheed Bawa said he called the meeting to fashion out ways to collaborate.

Bawa condemned the “brazen foreign exchange speculation especially at the parallel market”.

The anti-graft chief said the actions were hurting the country’s monetary policy by instigating a run on the value of the naira.

Bawa disclosed that the commission has intelligence linking persons and organizations to the hoarding of foreign currencies, especially U.S. dollars.

He identified Kano, Lagos, Port Harcourt, Enugu and Calabar as states under watch, disclosing that a major offensive against the speculators is under way.

Naira Drastically Reduces To Fresh Low Against Dollar

Responding, the operators expressed optimism that the naira may eventually return to its pre-speculation value with EFCC intervention.

Similar meetings will be held with other BDC dealers, regulators, financial sector players and other stakeholders.