Politics
EFCC Launches Crackdown On Currency Speculators Amid Naira-Dollar Turmoil
EFCC Launches Crackdown On Currency Speculators Amid Naira-Dollar Turmoil....KINDLY READ THE FULL STORY HERE▶
The Economic and Financial Crimes Commission (EFCC) has initiated a fresh crackdown targeting both currency speculators and cryptocurrency platforms involved in manipulating the naira’s value. According to insider reports, the EFCC’s focus extends beyond Binance to encompass all cryptocurrency platforms and individuals implicated in distorting the Nigerian foreign exchange market.
A source within the EFCC revealed, “The EFCC is actively pursuing all currency speculators to restore stability to the Nigerian forex market.” Another source emphasized, “The commission’s efforts extend beyond Binance to include other compliant cryptocurrency exchanges that have contributed to market stabilization.”
Confirming these efforts, EFCC spokesperson Dele Oyewale stated, “The commission is taking all necessary legal measures to ensure stability in the Nigerian foreign exchange market.”
Meanwhile, analysts attribute the recent surge in the dollar’s value against the naira to interbank activities by commercial banks. Money market analyst Agba Akin highlighted, “Since Wednesday, the dollar has been on the rise again at Bureaux De Change (BDCs) due to speculative activity on peer-to-peer (P2P) platforms.”
Responding to this situation, BDC operator Yasir Arafat criticized speculative manipulation, stressing the need for intervention by the Central Bank of Nigeria (CBN). Almustapha Muhammed, Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, clarified that the recent dollar surge originated from interbank rates rather than BDCs.
Economist Opeoluwa flagged the issue as an “imminent danger” under investigation by relevant security agencies, hinting at possible measures similar to those taken against Binance.
In summary, the EFCC’s crackdown on currency speculators and cryptocurrency platforms aims to restore stability to the Nigerian foreign exchange market amidst challenges posed by speculative activities.
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Source: Bushradiogist
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