EFCC begins clampdown on forex hoarders in major cities

In continuation of efforts to stabilise the Naira, operatives of the Economic and Financial Crimes Commission (EFCC), have begun clamp down on Bureau De Change Operators suspected to be involved in foreign currency racketeering. A statement by the Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, said: “As part of its ongoing efforts to check the rising incidence of foreign exchange speculation which has brought pressure on the value of the Naira, the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa today, August 5, 2022, met with representatives of Bureau de Change Operators in the Federal Capital Territory.

“Bawa said he called the meeting to fashion out a collaborative stakeholders response to brazen foreign exchange speculation espe-cially at the parallel market which is hurting the country’s monetary policy by instigating a run on the value of the Naira. “The operators who thanked the EFCC for the invitation, expressed optimism that the Naira’s rebound, which began after the EFCC’s intervention a few days ago, may eventually see the currency return to its pre-speculation value