ABUJA — Abdulrasheed Bawa, the chairman of the Economic and Financial Crimes Commission (EFCC), has said the anti-graft agency will go after persons and organisations hoarding foreign currencies, especially dollars, across the country.
According to a statement issued by Wilson Uwujaren, EFCC spokesperson, Bawa said this on Friday at a meeting with representatives of Bureaux De Change (BDC) operators in Abuja.
“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,” the statement reads.
“Bawa who also disclosed that the commission has intelligence linking some persons and organizations to the hoarding of foreign currencies especially the United States dollars in the key commercial cities of Kano, Lagos, Port Harcourt, Enugu, and Calabar, however, warned those involved to desist or risk arrest as a major offensive against the speculators is underway.”
Bawa said he called the meeting to fashion out a collaborative stakeholders’ 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 EFCC boss said the commission would hold similar meetings with BDC operators in major commercial cities across Nigeria as well as with key players, regulators, and operators of the Nigerian financial sector.
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