2 years ago
Nigeria’s Economic and Financial Crimes Commission (EFCC) precocious claimed it had identified individuals and organizations whose accelerated accumulation of U.S. dollars precocious accelerated the depreciation of the section currency, a study said. According to Abdulrasheed Bawa, the EFCC chairman, his enactment is presently going aft overseas currency speculators successful Kano, Lagos, Port Harcourt, Enugu, and Calabar.
EFCC’s Ongoing Offensive Against Forex Speculators
According to the president of Nigeria’s EFCC, Abdulrasheed Bawa, the anti-graft assemblage has present identified persons and organizations whose hoarding of the U.S. dollar sparked the caller accelerated depreciation of the section currency, the naira. The claims by Bawa travel earlier reports of the EFCC’s raid of achromatic marketplace forex dealers operating successful the Wuse Zone 4 country of Abuja.
As per the report successful the Daily Post, the EFCC has since obtained quality linking yet-to-be-named individuals and organizations to syndicates hoarding overseas currencies. While the anti-graft body’s raids were initially confined to the Abuja territory, Bawa disclosed that a akin violative against speculators successful Kano, Lagos, Port Harcourt, Enugu, and Calabar is underway.
The Central Bank of Nigeria (CBN) blames Nigerian overseas currency speculators for causing the plunge of the section currency’s parallel marketplace speech complaint against the U.S. dollar. As precocious reported by Bitcoin.com News, the Nigerian currency plunged to an all-time debased speech complaint of N710 per dollar.
However, pursuing the EFCC’s intervention, the naira rebounded and traded astatine astir N650 for each dollar astatine the clip of writing.
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