EFCC to clamp down on Forex hoarders in major cities

Blueprint NG

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, Friday, met with representatives of Bureau de Change (BCD) operators in the Federal Capital Territory (FCT).

EFCC Head, Media & Publicity, Wilson Uwujaren, in a press in Abuja, disclosed that commission boss said he called the meeting to fashion out a collaborative stakeholder’s 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 spokesperson said Bawa disclosed that the commission had intelligence linking some people and organisations to the hoarding of foreign currencies, especially the United States Dollars in the key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar.

He said the commission’s boss warned those involved to desist or risk arrest as a major offensive against the speculators was under…

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