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Nigeria’s EFCC Raids Forex Traders Over Naira Depreciation.

By Ekenedilichukwu Jul30,2022 ##efcc ##Forex
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The Nigeria’s Economic and Financial Crimes Commission, (EFCC), yesterday raided Wuse Zone 4, Abuja, home to most bureau de change operators in the Federal Capital Territory, in a covert operation to stop currency hoarders and speculators who are alleged to be massively buying scarce foreign currencies.  

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The anti-graft agency took the action based on intelligence report that some people with massive naira inflow had mobilized resources and were buying up available foreign currencies, especially the United States dollar, with the intention hoard or launder the forex out of Nigeria.

The action by the anti-graft agency might not be unconnected with the current crisis in the foreign exchange market, which the Central Bank of Nigeria (CBN) has said is fuelled by speculation, and has seen the naira almost hitting N800 to a dollar.

Also Read: CBN To Stop Sale of Forex To Banks.

Revelation from a top BDC operator shows that foreign exchange traders in Abuja usually buy dollars cheaper and sell high especially to politicians who can buy at any rate unlike businesses.

Some operatives of the Commission have also been spotted at major airports in the country in what a source said was a coordinated nationwide operation that would be extended to all the major commercial cities such Kano, Lagos and Port Harcourt.

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