Economy

EFCC threatens to arrest dollar hoarders over naira fall

Following the increasingly fall of the Naira, the Economic and Financial Crimes Commission has threatened to arrest Nigerians hoarding dollars and other foreign currency

The Chairman of the anti-graft agency, Abdulrasheed Bawa, said this during a meeting with representatives of the Bureau De Change operators on Friday.

Bawa’s meeting with the BDC operator was a sequel to the anti-graft agency’s effort to check the rising cases of foreign exchange speculations, which had brought pressure on the value of the naira.

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.

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