EFCC threatens to clamp down on ‘Forex hoarders’


The EFCC has threatened to clamp down on currency hoarders whose activities are said to be contributing to the decline in the value of the naira.

The commission’s chairman, Abdulrasheed Bawa, issued the threat at a meeting with representatives of the Bureau de Change operators in Abuja on Friday.

According to a statement by EFCC spokesman Wilson Uwujaren, the commission has identified Kano, Lagos, Port Harcourt, Enugu and Calabar as hotspots for dollar hoarders in Nigeria.

Bawa, who also disclosed that the commission has intelligence linking some individuals and organizations to hoarding foreign currency, especially US dollars, in the key trading cities of Kano, Lagos, Port Harcourt, Enugu and Calabar, however, warned those involved to desist or risk arrest as a major crackdown on speculators is underway,” the commission statement read in part.

The meeting between the chairman of the EFCC and representatives of BDC traders was part of the commission’s efforts to rein in growing currency speculation that has put pressure on the value of the naira.

The meeting was called by Mr. Bawa to devise a collaborative response to currency speculation, especially in the parallel market, which is said to be contributing to the naira’s decline in value.

In recent weeks, Forex speculators and currency traders have been blamed for contributing to the free fall in the value of the naira, which has plummeted in recent weeks.

the EFCCAbout a week ago, it raided a BDC dealer center in Abuja’s zone 4 of Wuse to arrest currency speculators who are allegedly massively gobbling up available foreign currencies.

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In the meeting with Mr. Bawa on Friday, the BDC operators thanked the commission for the invitation.

They expressed optimism for the naira’s rally, which began after the EFCC raid.

Similar meetings are planned for other Bureau of Exchange operators in Nigeria’s major business cities, as well as with key players, regulators and operators in the Nigerian financial sector.

PREMIUM TIMES reported that Mr. Bawa met with the Comptroller General of the Nigerian Immigration Service (NIS), Idris Jere, on Thursday about the currency crisis in the country.

But details of what was labeled a strategy meeting have yet to be released.

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