EFCC to clampdown on persons, organisations hoarding dollars

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, vowed on Friday the commission would go after individuals and organisations hoarding dollars and other foreign currencies in the country.

Bawa, according to a statement issued by the commission’s Head of Media and Publicity, Wilson Uwujaren, stated this at a meeting with Bureaux De Change (BDC) operators in Abuja.

The meeting took place a few days after the commission’s operatives raided the BDC operators at the Wuse area of Abuja over alleged hoarding of dollars and other foreign currencies.

At the black market on Tuesday, the Naira to dollar exchange rate was N670/$1.

Similarly, at the peer-to-peer market, Naira rose to N616.66/$1 on Thursday morning from N652.5/$1 recorded on Wednesday.

READ ALSO: CBN blames private sector for dollar scarcity

The EFCC chairman said the commission would extend the raid to Lagos, Kano, Port Harcourt, Enugu, and Calabar.

The statement read: “As part of its ongoing efforts to check the rising incidence of foreign exchange speculation which has brought pressure on the value of the Naira, the executive chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa today, August 5, 2022, met with representatives of Bureau de Change Operators in the federal capital territory,” the statement reads.

“Bawa who also disclosed that the commission has intelligence linking some persons and organizations to the hoarding of foreign currencies especially the United States dollars in the key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar, however, warned those involved to desist or risk arrest as a major offensive against the speculators is underway.”

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