Nigeria’s Economic and Financial Crimes Commission (EFCC) just recently declared it had actually determined individuals and companies whose rapid build-up of U.S. dollars just recently sped up the depreciation of the regional currency, a report stated. According to Abdulrasheed Bawa, the EFCC chairman, his company is presently pursuing foreign currency 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 body has actually now determined individuals and companies whose hoarding of the U.S. dollar stimulated the current rapid depreciation of the regional currency, the naira. The claims by Bawa follow earlier reports of the EFCC’s raid of black market forex dealerships running in the Wuse Zone 4 location of Abuja.
As per the report in the Daily Post, the EFCC has actually considering that acquired intelligence connecting yet-to-be-named individuals and companies to distributes hoarding foreign currencies. While the anti-graft body’s raids were at first restricted to the Abuja area, Bawa divulged that a comparable offensive versus speculators in Kano, Lagos, Port Harcourt, Enugu, and Calabar is underway.
The Central Bank of Nigeria (CBN) blames Nigerian foreign currency speculators for triggering the plunge of the regional currency’s parallel market exchange rate versus the U.S. dollar. As just recently reported by Bitcoin.com News, the Nigerian currency plunged to an all-time low exchange rate of N710 per dollar.
However, following the EFCC’s intervention, the naira rebounded and traded at around N650 for every single dollar at the time of composing.
Register your e-mail here to get a weekly upgrade on African news sent out to your inbox:
What are your ideas on this story? Let us understand what you believe in the remarks area listed below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This short article is for educational functions just. It is not a direct deal or solicitation of a deal to purchase or offer, or a suggestion or recommendation of any items, services, or business. Bitcoin.com does not offer financial investment, tax, legal, or accounting recommendations. Neither the business nor the author is accountable, straight or indirectly, for any damage or loss triggered or declared to be triggered by or in connection with the usage of or dependence on any material, products or services discussed in this short article.