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
Unsung Heroes: Meet 8 Frontline Activists Shaping Nigeria’s Future
Across Nigeria, scenes of activism now unfold in different forms and in different places. In Lagos, small groups gather to protest rising
Remembering Ambakina Moses Jitoboh
By Chidi Anselm Odinkalu Ambakina Moses Jitoboh died suddenly on 28 December 2025. He was born on 1 June 1970 to a
Related Posts
Latest from News
Iran Strikes Gulf Oil Facilities, Putting Global Markets on Edge
Smoke and flames streaked the Gulf skies as Iranian missiles and drones struck oil terminals, ports, airports, and hotels across Saudi Arabia, UAE, Bahrain, Qatar, Oman, Iraq, and Jordan. In Dubai, the Fairmont Hotel burned as residents fled; in Saudi Arabia, the
Private Schools Warn Students May Miss WASSCE Over New Registration Rules
Private school proprietors in Ogun State have warned that a majority of their final-year students could miss this year’s West African Senior School Certificate Examination (WASSCE) over what they describe as strict new state requirements for registration. School owners, who asked not
ICPC Seizes Alleged Wiretapping Devices from El-Rufai’s Abuja Home, Seeks to Extend Detention
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has retrieved devices reportedly capable of intercepting conversations and accessing sensitive government documents from the Abuja residence of former Kaduna State Governor Nasir El-Rufai. The agency said the search, conducted on Aso
Integrity First: ICPC Chairman Tasks Newly Elevated ASPs on Ethical Conduct
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Adamu Aliyu, SAN, has admonished five police officers serving with the Commission to uphold the credibility of their new rank following their promotion to Assistant Superintendent of
Nigeria, AFC Sign $1.3 Billion Deal to Transform Mining Sector
The Federal Government of Nigeria, through the Solid Minerals Development Fund (SMDF), has signed a landmark $1.3 billion investment partnership with the Africa Finance Corporation (AFC) to co-finance strategic initiatives aimed at repositioning the nation’s mining sector and deepening its contribution to
