EFCC vows to go hard on FX hoarders in Kano, Lagos amid Naira depreciation

Abdulrasheed Bawa, chairman of the Economic and Financial Crimes Commission (EFCC), has read a riot act to persons and organisations hoarding foreign currencies, especially dollars, across the country.

Bawaw warned them to desist from such act or risk arrest and prosecution.

The warning is contained in a statement issued by Wilson Uwujaren, EFCC spokesperson,

According to the statement, Bawa spoke on Friday at a meeting with representatives of Bureaux De Change (BDC) operators in Abuja.

Last week, EFCC operatives raided Wuse Zone 4, federal capital territory, Abuja, over allegations that some BDC operators are mopping up foreign currencies.

Aminu Gwadabe, president of the Association of Bureaux De Change (BDC) operators, told TheCable that the “market surveillance” was done in collaboration with the association.

Speaking at the meeting, Bawa said the anti-graft agency will continue the crackdown in key commercial cities such as Kano, Lagos, Port Harcourt, Enugu and Calabar.

“As part of its ongoing efforts to check the rising incidence of foreign exchange speculation which has brought pressure on the value of the Naira, the executive chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa today, August 5, 2022, met with representatives of Bureau de Change Operators in the federal capital territory,” the statement reads.

“Bawa who also disclosed that the commission has intelligence linking some persons and organizations to the hoarding of foreign currencies especially the United States dollars in the key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar, however, warned those involved to desist or risk arrest as a major offensive against the speculators is underway.”

Bawa said he called the meeting to fashion out a collaborative stakeholders’ response to brazen foreign exchange speculation, especially at the parallel market, which is “hurting the country’s monetary policy by instigating a run on the value of the naira”.

The EFCC boss said the commission would hold similar meetings with BDC operators in major commercial cities across Nigeria as well as with key players, regulators, and operators of the Nigerian financial sector.


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