Report: Nigerian Anti-Graft Body Identifies Individuals Fueling the Naira’s Rapid Depreciation

Nigeria’s Economic and Financial Crimes Commission (EFCC) not too long ago claimed it had recognized people and organizations whose speedy accumulation of U.S. {dollars} not too long ago accelerated the depreciation of the native foreign money, a report stated. According to Abdulrasheed Bawa, the EFCC chairman, his group is at present going after overseas foreign money speculators in Kano, Lagos, Port Harcourt, Enugu, and Calabar.

EFCC’s Ongoing Offensive Against Forex Speculators

According to the chairman of Nigeria’s EFCC, Abdulrasheed Bawa, the anti-graft physique has now recognized individuals and organizations whose hoarding of the U.S. greenback sparked the latest speedy depreciation of the native foreign money, the naira. The claims by Bawa comply with earlier reports of the EFCC’s raid of black market foreign exchange sellers working within the Wuse Zone 4 space of Abuja.

As per the report within the Daily Post, the EFCC has since obtained intelligence linking yet-to-be-named people and organizations to syndicates hoarding foreign exchange. While the anti-graft physique’s raids have been initially confined to the Abuja territory, Bawa disclosed {that a} comparable offensive in opposition to speculators in Kano, Lagos, Port Harcourt, Enugu, and Calabar is underway.

The Central Bank of Nigeria (CBN) blames Nigerian overseas foreign money speculators for inflicting the plunge of the native foreign money’s parallel market alternate price in opposition to the U.S. greenback. As not too long ago reported by Bitcoin.com News, the Nigerian foreign money plunged to an all-time low alternate price of N710 per greenback.

However, following the EFCC’s intervention, the naira rebounded and traded at round N650 for each greenback on the time of writing.

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