Naira fall: EFCC has identified persons, organizations hoarding dollars – Bawa

Naira fall: EFCC has identified persons, organizations hoarding dollars – Bawa

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The Economic and Financial Crimes Commission (EFCC) on Friday reported that persons and bodies were causing Naira fall.

The commission met with Bureau de Change (BDC) operators in the Federal Capital Territory.

The chairman Abdulrasheed Bawa said he assembled the meeting to form out ways to collaborate.

Bawa condemned the “brazen foreign exchange speculation especially at the parallel market”.

The anti-graft boss said the activities were harming the country’s monetary policy by inciting a run on the worth of the naira.

Bawa unveiled that the commission has intelligence connecting people and associations to the storing of foreign currencies, particularly U.S. dollars.

He identified Kano, Lagos, Port Harcourt, Enugu and Calabar as states under watch, unveiling that a significant offensive against the speculators is in progress.

Responding, the operators expressed optimism that the naira may ultimately get back to its pre-speculation value with the intervention of EFCC.

Similar meetings will be held with other BDC dealers, regulators, financial sector players and different stakeholders.

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