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Naira depreciation: EFCC identifies, warns persons, organisations hoarding dollars

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The Economic and Financial Crimes Commission (EFCC), on Friday, identified and warned individuals and bodies responsible for Naira fall in the country.

The chairman of the commission, Abdulrasheed Bawa called a meeting and met with Bureau de Change (BDC) operators in the Federal Capital Territory to fashion out ways to collaborate.

Daily Post reports that Bawa condemned the “brazen foreign exchange speculation especially at the parallel market”.

The anti-graft chief said the actions were hurting the country’s monetary policy by instigating a run on the value of the naira.

Bawa, according to the report, disclosed that the commission has intelligence linking persons and organizations to the hoarding of foreign currencies, especially U.S. dollars.

He identified Kano, Lagos, Port Harcourt, Enugu and Calabar as states under watch, disclosing that a major offensive against the speculators is under way.

Responding, the operators expressed optimism that the naira may eventually return to its pre-speculation value with EFCC intervention.

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

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