The Economic and Financial Crimes Commission, EFCC, has issued warnings to Nigerians who are stockpiling/hoarding dollars and other foreign currencies as they risk being arrested.
In a meeting with representatives of Bureau De Change operators on Friday in the Federal Capital Territory Abuja, Abdulrasheed Bawa, the chairman of the anti-graft agency, said this.
The meeting followed continued attempts by the anti-graft agency to stop the growing instances of foreign exchange speculations, which were placing pressure on the value of the naira.
Bawa stated that the EFCC had information linking some individuals and organisations to the hoarding of foreign currencies, particularly the United States dollars in commercial cities across the country, and warned those involved to stop or risk arrest as a major offensive against the speculators was underway.
He said, “The commission has intelligence linking some persons and organisations to the hoarding of foreign currencies especially the United States dollars in key commercial cities of Kano, Lagos, Port Harcourt, Enugu, and Calabar.
“We, however, warn those involved to desist or risk arrest as a major offensive against the speculators is underway.”
The EFCC had intervened by raiding some Forex markets in Abuja, which saw the currency return to its pre-speculated value.
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.
