Naira fall: EFCC identified people, organizations hoarding dollars – Bawa

The Economic and Financial Crimes Commission (EFCC) announced on Friday that individuals and bodies were behind the fall of the Naira.

The commission met with operators of Bureaux de Change (BDC) in the Federal Capital Territory.

President Abdulrasheed Bawa said he called the meeting to find ways to collaborate.

Bawa condemned the "brazen currency speculation, especially in the parallel market".

The anti-corruption chief said the actions were hurting the country's monetary policy by triggering a run in the value of the naira.

Bawa disclosed that the commission has intelligence linking individuals and organizations to the hoarding of foreign currency, particularly US dollars.

He identified Kano, Lagos, Port Harcourt, Enugu and Calabar as watch states, revealing that a major offensive against speculators is underway.

In response, traders expressed optimism that the naira could eventually return to its pre-speculation value with the intervention of the EFCC.

Similar meetings will be held with other BDC brokers, regulators, financial industry players and other stakeholders.