EFCC to clamp down on Forex hoarders in major cities

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, Friday, met with representatives of Bureau de Change (BCD) operators in the Federal Capital Territory (FCT).

EFCC Head, Media & Publicity, Wilson Uwujaren, in a press in Abuja, disclosed that commission boss said he called the meeting to fashion out a collaborative stakeholder’s response to brazen foreign exchange speculation especially at the parallel market which is hurting the country’s monetary policy by instigating a run on the value of the Naira.

The spokesperson said Bawa disclosed that the commission had intelligence linking some people and organisations to the hoarding of foreign currencies, especially the United States Dollars in the key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar.

He said the commission’s boss warned those involved to desist or risk arrest as a major offensive against the speculators was under way.

Uwujaren said 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, would eventually see the currency return to its pre-speculation value.

According to the spokesperson, similar meetings were planned for other BCD operators in the major commercial cities across Nigeria as well as with key players, regulators and operators of the Nigerian financial sector.

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