• Thursday, February 29, 2024
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EFCC meets with BDC, to clampdown on forex hoarders

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Executive chairman of the commission Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa on Friday met with the representatives of Bureau de Change (BDC) Operators in the Federal Capital Territory, in bid to check the rising incidence of foreign exchange speculation which has brought pressure on the value of the Naira.

Bawa said the meeting with the BDCs is to fashion out a collaborative stakeholders response to brazen foreign exchange speculation especially at the parallel market, saying it is hurting the country’s monetary policy by instigating a run on the value of the Naira.
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The executive chairman also informed that the EFCC will clampdown on individuals and organisations hoarding foreign currencies especially the US dollars across the country, according to a statement signed by Wilson Uwujaren, head, media and publicity.

Bawa, said the EFCC has intelligence linking some persons and organizations to the hoarding of foreign currencies especially in the key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar.

The executive chairman warned those involved to desist or risk arrest as a major offensive against the speculators is under way.

According to the statement, the operators 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.

“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,” the statement read.