Politics
EFCC Deploys Task Force To Crack Down On Illegal Forex Trading And Naira Abuse
EFCC Deploys Task Force To Crack Down On Illegal Forex Trading And Naira Abuse....KINDLY READ THE FULL STORY HERE▶
The Economic and Financial Crimes Commission (EFCC) has established a dedicated task force to address the growing concerns surrounding illegal forex trading and the abuse of the Nigerian currency, the naira. The initiative comes in response to the ongoing depreciation of the naira against the US dollar, with recent data from the financial market infrastructure group FMDQ revealing a decline from N1,498.25 to N1,537.96 per US dollar………CONTINUE READING
Notably, the EFCC has a history of cracking down on illicit forex activities, having previously apprehended numerous suspects involved in illegal forex trading and the misuse of naira notes during public events. In December 2022, the commission arrested 87 forex dealers across the Federal Capital Territory, Abuja, Lagos, and Kano. Subsequent investigations involved the thorough examination of the dealers’ vaults for concealed dollars and naira.
In a separate case, the anti-graft agency secured the conviction and sentencing of Nigerian actress Oluwadarasimi Omoseyin in February. Omoseyin received a six-month imprisonment sentence for her involvement in spraying and stepping on naira notes, with an alternative option of a N300,000 fine to be paid into the consolidated revenue account of the federation, according to Justice Aneke’s judgment.
To reinforce their commitment to combating these offenses, the EFCC, through a notice on its Facebook page, encourages the public to report instances of illegal forex trading and naira mutilation. Toll-free numbers (09135003322 and 0912887608) have been provided for reporting such activities.
Meanwhile, the Olu of Owode in Obafemi/Owode Local Government of Ogun State, Oba Kolawole Sowemimo, confirmed his two-month suspension without salary by the Egba Traditional Council. The suspension was attributed to the monarch’s alleged abuse of Nigerian naira notes during a public event, particularly in a viral video where he adorned the popular Fuji musician, Wasiu Ayinde, with knitted new N1000 notes as garlands. Oba Sowemimo acknowledged the council’s decision, expressing remorse for his actions and accepting the consequences of the disciplinary measure.
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Source: Bushradiogist
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