Falling naira: EFCC threatens to arrest dollar hoarders

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The Economic and Financial Crimes Commission has threatened to arrest Nigerians who hoard dollars and other foreign currencies.

The Chairman of the Anti-Corruption Agency, Abdulrasheed Bawa, made this known on Friday during a meeting with representatives of Bureau de Change operators in the Federal Capital Territory, Abuja .

The meeting followed the anti-corruption agency's continued efforts to control growing instances of currency speculation, which had put pressure on the value of the naira.

Bawa warned those involved to refrain or risk arrest as a major offensive against speculators was underway, adding that the EFCC had intelligence linking certain individuals and organizations to hoarding of foreign currency, especially the US dollar. in the commercial cities of the country.

He said: "The commission has intelligence linking certain individuals and organizations to the hoarding of foreign currencies, particularly US dollars, in the major trading towns of Kano, Lagos, Port Harcourt, Enugu and Calabar.

"We are, however, warning those involved to refrain or risk arrest as a major offensive against speculators is underway."

The EFCC had intervened by raiding some Forex markets in Abuja, which saw the currency return to its pre-specified value.

Bawa noted that the meeting was convened to craft a collaborative stakeholder response to the brazen foreign exchange speculation, particularly in the parallel market which was undermining the country's monetary policy by causing a fall in the value of the naira.

The anti-corruption agency noted that similar meetings are planned for other currency exchange operators in other major commercial cities across the country, including key players, regulators and operators in the Nigerian financial sector.