Friday , June 14 2024

Naira Fall: EFCC accuses persons, organizations of hoarding foreign currencies

The Economic and Financial Crimes Commission (EFCC) announced on Friday that individuals and authorities caused the naira’s fall.

The commission met with operators of the Exchange Office (BDC) in the federal capital area.

Chairman Abdulrasheed Bawa said he convened the meeting to explore ways of working together.

Bawa condemned “blatant currency speculation, particularly in the parallel market.

The anti-graft chief said the actions were hurting the country’s monetary policy by instigating a run on the value of the naira.

Bawa revealed that the commission has information linking individuals and organizations to hoarding foreign currencies, particularly US dollars.

The agency identified Kano, Lagos, Port Harcourt, Enugu and Calabar as surveillance states and revealed that a full crackdown on speculators was underway.

In response, traders expressed optimism that with EFCC intervention, the naira could eventually return to its pre-speculative level. Similar meetings are held with other BDC traders, regulators,  financial sector stakeholders and other stakeholders.

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