The EFCC has threatened to arrest dollar hoarders as the naira falls.


The Economic and Financial Crimes Commission has threatened to arrest Nigerians who have dollars or other foreign currencies in their possession.

Abdulrasheed Bawa, chairman of the anti-graft agency, stated this on Friday while meeting with representatives of Bureau De Change operators in Abuja, the Federal Capital Territory.

The meeting followed the anti-graft agency's continuous efforts to curb mounting cases of foreign exchange speculation, which had put pressure on the naira's value.

Bawa advised anyone engaged to stop or face arrest as the EFCC launched a significant drive against speculators, adding that the EFCC has intelligence linking some individuals and organisations to the stockpiling of foreign currencies, particularly US dollars, in commercial cities across the country.

"The commission has intelligence linking some persons and organisations to the hoarding of foreign currencies, particularly US dollars, in key commercial cities such as Kano, Lagos, Port Harcourt, Enugu, and Calabar," he said. "We, however, warn those involved to desist or risk arrest as a major offensive against speculators is underway."

The EFCC interfered by seizing some Abuja Forex exchanges, causing the currency to revert to its pre-speculated value.

Bawa stated that the meeting was held to devise a collaborative stakeholders' reaction to blatant foreign exchange speculation, particularly on the parallel market, which was harming the country's monetary policy by causing the naira's value to fall.

Similar meetings are planned for other Bureau de Change operators in other major commercial centres around the country, involving significant stakeholders, regulators, and operators in the Nigerian financial industry, according to the anti-graft agency.


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