'Targeting hoarders' EFCC goes after BDC operators in Abuja

Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has met with representatives of Bureau de Change Operators in Abuja as part of efforts to check speculation in foreign exchange speculation.

The EFCC believes currency speculation recently led to a drastic drop in the value of the naira.

Earlier the EFCC had raided some BDC hotspots in the capital city and also in Lagos.

The naira has since regained some of its lost value in the past few days.

In his meeting with the operators on Friday, Bawa sought a collaborative stakeholder response to brazen foreign exchange speculation, especially at the parallel market, according to a statement signed by EFCC spokesperson, Wilson Uwujaren.

“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 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.”

As of Friday, the naira was exchanging for N417 to $1. In the parallel market, the rate was as high as N661.