EFCC to clamp down on forex hoarders


The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has hinted at their plans to clamp down on Bureau de Change Operators hoarding foreign exchange.

Bawa said this during the weekend when he met with representatives of Bureau de Change Operators in the Federal Capital Territory.

According to reports, 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.

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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.


Similar meetings are planned for other Bureau de Change operators in the major commercial cities across Nigeria as well as with key players, regulators and operators of the Nigerian Financial Sector.

Bawa also disclosed that the Commission has intelligence linking some persons and organizations to the hoarding of foreign currencies especially the United States Dollars in key commercial cities.

He listed the cities to include 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.