US Dollars and Naira Notes

Forex Volatility: EFCC engages BDC operators, to launch offensive against speculators to curb Naira crash

*The Economic and Financial Crimes Commission warns the Bureau de Change operators involved in currency speculations to desist or risk arrest, as the anti-graft agency says a major offensive against the speculators is underway

Isola Moses | ConsumerConnect

Sequel to the recent currency speculations resulting in a drastic drop in value of the Naira, Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC), has met with representatives of the Bureau de Change (BDCs) operators in Abuja, FCT.

ConsumerConnect reports the anti-graft regulatory Commission’s move is said to be part of the ongoing efforts at checkmating speculations in the Foreign Exchange (Forex) market in Nigeria.

The EFCC believes currency speculation recently actually led to a drastic decrease in the value of the country’s currency, Naira.

Mr. Wilson Uwujaren, Spokesperson of EFCC, in a statement issued in Abuja, said Bawa in his meeting with the BDC operators Friday, August 5, 2022, sought a collaborative stakeholder response to the brazen Foreign Exchange speculation, especially at the parallel market in the West African country.

Recall the EFCC, of recent, raided some BDC hotspots in Abuja and Lagos respectively.

However, the Naira has regained some of its lost value in the Forex market in the past few days, report said.

Following the EFCC Chairman’s meeting with Forex dealers Friday,  the Uwujaren also stated: “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.

The statement noted: “Bawa who also disclosed that the Commission has intelligence linking some persons and organisations to the hoarding of foreign currencies, especially the United States Dollars in the key commercial cities of Kano, Lagos, Port Harcourt, Enugu, and Calabar.”

The statement further quoted Bawa as well “warned those involved to desist or risk arrest as a major offensive against the speculators is underway.”

Meanwhile, as of Friday, the Naira ‘officially’ exchanged for N417 to $1 in the .

However, the market was different in the parallel market as the rate was as high as N661.

Kindly Share This Story