Naira Fall: EFCC threatens to clamp down on ‘Forex hoarders’

EFCC has threatened to begin a clampdown on Forex hoarders whose activities are said to be contributing to the crash in the value of naira.

The commission’s chair, Abdulrasheed Bawa, issued the threat at a meeting with representatives of Bureau de Change operators in Abuja on Friday.

According to a statement by EFCC’s spokesperson, Wilson Uwujaren, the commission has identified Kano, Lagos, Port Harcourt, Enugu and Calabar as the hotspots of dollar hoarders in Nigeria.

“Bawa who also disclosed that the commission has intelligence linking some persons 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, however warned those involved to desist or risk arrest as a major offensive against the speculators is underway,” the commission’s statement read in part.

The meeting between the EFCC chair and BDC operators’ representatives was part of the…

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