…VOWS TO CLAMP DOWN ON FOREX HOARDERS IN MAJOR CITIES
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, on August 5, met with representatives of Bureau de Change Operators in the Federal Capital Territory.
The meeting was sequel to the Commission’s ongoing efforts to check the rising incidence of foreign exchange speculation, which has brought pressure on the value of the Naira
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 decline in the value of the Naira.
The operators thanked the EFCC for the invitation and expressed optimism that the Naira was going to rebound.
The EFCC intervened by raiding some of the FOREX market in Abuja, which saw the currency return to its pre-speculation value.
In a statement, the Head, Media and Publicity, EFCC, Wilson Uwujaren on Friday said the meeting is ongoing adding that other cities will be visited by the Commission.
“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.” The statement reads.
