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.
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 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 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 under way.
Related Posts
Featured Stories
Customs Service Explains Exchange Rate Process for Import, Export Valuation
The Nigeria Customs Service (NCS) has clarified that it does not independently determine or alter foreign exchange rates used for import and
Soludo’s New Market Design: Why Onitsha Traders Must Tread Carefully
The main fears and warnings of critics of the actions of Anambra governor, Professor Chukwuma Soludo about sit-at-home and closure of the
Related Posts
Latest from News
14 Kebbi Wedding Guests Die in Boat Accident
The Kebbi State government has expressed profound sorrow after a boat accident in Yauri Local Government Area claimed 14 lives, mostly women, following a wedding celebration. Governor Nasir Idris offered condolences to the bereaved families, the Yauri Emirate, and local residents, describing
Lawmakers, Protesters Lock Horns as Electoral Reform Battle Intensifies
Tension gripped the House of Representatives on Tuesday as lawmakers clashed over the Electoral Act (Repeal and Re-enactment) Bill, 2026, amid mounting protests and growing public scrutiny over provisions relating to electronic transmission of election results, Prime Business Africa reports. A crucial
Lagos Agency Asks TikTok Rape Survivor to Come Forward for Support
The Lagos Domestic and Sexual Violence Agency (DSVA) has appealed to the public to help locate a young woman who said she was raped in her apartment by a stranger. The agency made the appeal on Tuesday through its official social media
Jordan, UAE, Saudi Arabia, Egypt, Others Condemn Israel’s West Bank Land Designation
Foreign ministers from eight countries have strongly condemned Israel’s decision to designate lands in the occupied West Bank as “state land” and to begin procedures for the registration and settlement of land ownership across large areas of the territory for the first
Two Nollywood Crew Members Found Dead on Film Set
Shock has rippled through Nigeria’s film industry after two young men who helped bring movies to life were found dead inside a car at a film location in Lagos. Ekemini “GeeTee” Imeh, a respected lighting director, and his colleague Ayodeji Walter Odediran
