EFCC To Clamp Down On Forex Hoarders In Major Cities

The Economic and Financial Crimes Commission (EFCC) is set to clampdown on forex hoarders in major cities across the country.

This was the outcome of the meeting between the chairman of the EFCC, Abdulrasheed Bawa and representatives of Bureau de Change Operators in Abuja.

At the meeting, Bawa said he told them to fashion out a collaborative stakeholders response to brazen foreign exchange speculation especially at the parallel market which is hurting the country’s monetary policy by instigating a run on the value of the naira.

EFCC spokesman, Wilson Uwujaren, said 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.

Uwujaren also said 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.

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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 under way.