EFCC to clamp down on forex hoarders in major Nigerian cities

As part of its ongoing efforts to check the rising foreign exchange speculation which has brought pressure on the value of the Naira, Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa has met with representatives of Bureau de Change Operators in the Federal Capital Territory, Abuja.

This is contained in a statement by the Commission which says the meeting was called to fashion out a response by collaborative stakeholders to the 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.

The statement also says similar meetings are planned for other Bureau de Change operators in major…

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