The Economic and Financial Crimes Commission (EFCC) arrested 34 suspected currency speculators on Friday for alleged foreign exchange fraud.
According to a statement on the EFCC’s official social media account, the suspects were apprehended by the Taskforce on Currency Mutilation, Dollarisation of the Economy, and Forex Malpractice following a sting operation in the Wuse Zone 4 area of Abuja. The operation was prompted by credible intelligence regarding illegal dollar sales.
The EFCC has resumed its crackdown on currency speculators as the naira has begun to lose value against the dollar, following recent gains in both official and parallel markets.
The agency posted a photo of the arrested suspects, stating that their arrest is part of ongoing efforts to sanitize and stabilize the foreign exchange market.
It stated, “They will soon be arraigned in court upon conclusion of investigations.’’
The EFCC said the suspects were Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Umar, Amina Garba Rola, and Muhammed Aliyu.
Others included Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, Munzali Hashim, Jamilu Suleiman, Mustapha Umar, Mubarak Tanimu, Adamu Garba, Mohammed Usman, Bello Musa, Saleh Mohammed Naseer, Zaharadeen Yau, Musa Umaru Adamu, Usman Machido and Abdulaziz Abubakar Abba.
Friday’s arrest comes as the naira further depreciated against the dollar, trading at about N1, 400 to a dollar.
In February, the EFCC commenced nationwide raids of unlicensed bureau de change operators in a move to strengthen the naira.
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