As part of its ongoing effort to check the rising incidence of foreign exchange speculation, which has brought pressure on the value of the Naira, the Economic and Financial Crimes Commission (EFCC) met with representatives of bureau de change operators on Friday in Abuja.
The Head of Media and Publicity of EFCC, Mr. Wilson Uwujaren, who disclosed this in a statement Friday, said the Executive Chairman of the commission, Abdulrasheed Bawa, said he called for the meeting in order 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 thanked the EFCC for the invitation and 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.
Bawa also disclosed that the commission has intelligence linking some persons and organisations to the hoarding of foreign currencies, especially the United States dollar, in the key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar.
He warned those involved to desist or risk arrest as a major offensive against the speculators is under way.
He said similar meetings are planned for other BDC operators in the major commercial cities across Nigeria, as well as with key players, regulators and operators of the Nigerian financial sector.
