Falling naira: EFCC threatens to arrest dollar hoarders
The Economic and Financial Crimes Commission threatened to arrest Nigerians who have been hoarding dollars and foreign currency.
Abdulrasheed Bawa (chairman of the anti-graft Agency) made the announcement on Friday while meeting with Bureau De Change operators in Abuja’s Federal Capital Territory.
This meeting was a result of ongoing anti-graft agency efforts to stop foreign exchange speculations from rising, which has put pressure on the value of the naira.
Bawa advised those involved to stop or risk arrest. He added that a major offensive was underway against speculators. The intelligence from the EFCC linked some individuals and organizations to hoarding foreign currency, especially US dollars, in commercial cities throughout the country.
He stated that the commission had intelligence linking certain persons and organizations to hoarding foreign currency, especially US dollars, in key commercial centers like Kano, Lagos, and Port Harcourt.
“We warn anyone involved to stop or risk arrest because a major offensive against speculators has begun.”
The EFCC intervened and raided some Forex markets in Abuja. This resulted in the currency returning to its pre-speculated price.
Bawa noted that the meeting was called to fashion out a collaborative stakeholders’ response to brazen foreign exchange speculation, especially at the parallel market which was hurting the country’s monetary policy by instigating a decline in the value of the naira.
The anti-graft agency noted that similar meetings are planned for other Bureau de Change operators in other major commercial cities across the country including key players, regulators, and operators within the Nigerian financial sector.