We Know Those Hoarding Dollars-EFCC

The Economic and Financial Crimes Commission, EFCC, has announced that it as knowledge of ndividuals and bodies responsible for the recent free fall of the Naira. Commission chairman, Abdulrasheed Bawa, made the announcement when he met with Bureau de Change, BDC, operators on Friday in the Federal Capital Territory.

Bawa, who condemned what referred to as the ‘brazen foreign exchange speculation especially at the parallel market’, noted that the actions of the hoarders were hurting the country’s monetary policy by instigating a negative run on the value of the naira.

Bawa pointed out that the commission has intelligence linking persons and organizations to the hoarding of foreign currencies, especially U.S. dollars, identifying Kano, Lagos, Port Harcourt, Enugu and Calabar as states under watch. According to him, a major offensive against the speculators is already under way.

In their reaction, BDC operators expressed optimism that with the commission’s intervention, the Naira may eventually return to its pre-speculation value.

Leave a Reply

Your email address will not be published.