NAIRA FALL: We Have Identified Those Hoarding Dollars – EFCC Reveals Penalty

As Nigeria’s currency, Naira continues to fall against United States Dollars, the Economic and Financial Crimes Commission (EFCC), has said that it has succeeded in identifying those hoarding dollars which according to them, is the cause of Naira fall.

In the past few days, dollars had risen over N700 in the parallel market causing panic in the economy.

Speaking while meeting with representatives of Bureau de Change Operators in the Federal Capital Territory, Abuja on Friday, the Executive Chairman, EFCC, Abdulrasheed Bawa noted that the Commission, through intelligence, have been able to identify those hoarding dollars which is mounting pressure on the naira, warning that such persons will be arrested if they do not desist from such act.

In his words, “The commission has intelligence linking some persons and organisations to the hoarding of foreign currencies especially the United States dollars in key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar.

“We, however, warn those involved to desist or risk arrest as a major offensive against the speculators is under way.”

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 run on the value of the Naira.

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 according to the Commission.