EFCC Reportedly Identifies Individuals Hoarding USD

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Bawa disclosed that the commission have linked identities of individuals and organizations involved in the hoarding of the foreign currencies, especially the US dollars. 

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The commission met with Bureau de Change (BDC) operators in the Federal Capital Territory.

The chairman Abdulrasheed Bawa said he called the meeting to fashion out ways to collaborate. Bawa condemned the “brazen foreign exchange speculation, especially at the parallel market”.

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

He identified Kano, Lagos, Port Harcourt, Enugu and Calabar as states under watch, disclosing that a major offensive against the speculators is under way.

He also expressed optimism that the naira may eventually return to its pre-speculation value with EFCC intervention.

Similar meetings will be held with other BDC dealers, regulators, financial sector players and other stakeholders.He identified Kano, Lagos, Port Harcourt, Enugu and Calabar as states under watch, disclosing that a major offensive against the speculators is under way.

Responding, the operators expressed optimism that the naira may eventually return to its pre-speculation value with EFCC intervention.

Similar meetings will be held with other BDC dealers, regulators, financial sector players and other stakeholders.He identified Kano, Lagos, Port Harcourt, Enugu and Calabar as states under watch, disclosing that a major offensive against the speculators is under way.

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