EFCC Meets BDC Operators in Abuja, To Clamp Down on Forex Hoarders in Major Cities

EFCC Meets BDC Operators in Abuja, To Clamp Down on Forex Hoarders in Major Cities

By Samuel Ogunsona

The Financial and Economic Crime Commission, (EFCC) is set to clamp down on hoarders of forex in Nigerian major cities.

The move is part of the EFCC ongoing efforts to check the rising incidence of foreign exchange speculation which has brought pressure on the value of the Naira.

The Executive Chairman, EFCC Abdulrasheed Bawa on Friday met with representatives of Bureau de Change Operators in the Federal Capital Territory.

In a statement made available to Irohinoodua by Wilson Uwajere, he said Bawa 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. 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.

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.

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