EFCC secures over 50 convictions for currency racketeering

• Olukoyede said currency racketeering and dollarisation were an act of economic sabotage.

The Economic and Financial Crimes Commission (EFCC) has secured convictions for over 50 individuals involved in currency manipulation and dollarization of the Nigerian economy this year.

EFCC Chairman, Ola Olukoyede, disclosed this information in Abuja on Monday, during a visit from Senate Committee Chairman on Anti-Corruption and Financial Crimes, Emmanuel Udende.

Olukoyede emphasized that currency manipulation and dollarization constitute economic sabotage, undermining the nation’s financial stability.

He noted that sabotaging the economy includes manipulating and mutilating currency, as well as dollarizing the economy, stressing that every country considers its currency a legal tender.

Olukoyede stated, “We must respect the Naira. As I am talking to you now, our Special Task Force is all over the place and we have brought some sanity in the handling of the national currency.

“People are still committing the crime; I am aware of that. This year alone, we have procured over 50 convictions on it.”