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EFCC Moves To Check FX Speculation, Meets BDC Operators In Abuja


August 6, (THEWILL) – As part of efforts to check foreign exchange (Fx) speculation, Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has met with representatives of Bureau de Change Operators in Abuja.

The anti-graft agency believes currency speculation recently led to a drastic drop in the value of the naira.

As of last week, the exchange rate went as high as N710/$1 at the parallel market; a development that forced operatives of the EFCC to raid some BDC hotspots in the FCT and Lagos.

However, as of Friday, the naira exchanged N417 for $1 and N661 at the parallel market.

Meeting with the BDC operators on Friday, Bawa sought a collaborative stakeholder response to brazen foreign exchange speculation, especially in the parallel market.

A statement signed by EFCC spokesperson, Wilson Uwujaren, sad, “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,” the statement added.

“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.

“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, however, warned those involved to desist or risk arrest as a major offensive against the speculators is underway.”