EFCC Drops Powerful Warning for Persons, Organisations Hoarding Dollars, Reveals 5 Cities Under Watch

• Following the free fall of the naira, the EFCC has warned those hoarding foreign currencies to desist or risk arrest
• The chairman of the agency, Abdulrasheed Bawa, disclosed that intelligence report linked persons and organisations to the hoarding of foreign currencies
• Bawa listed key commercial cities such as Kano, Lagos, Port Harcourt, Enugu and Calabar as culprits

The Economic and Financial Crimes Commission (EFCC) has threatened to go after persons and organisations hoarding foreign currencies, especially the US dollars, across the country.

The chairman of the anti-graft agency, Abdulrasheed Bawa, met with representatives of Bureau de Change Operators in Abuja.

In a statement shared on the agency's official Facebook page, Bawa condemned the brazen foreign exchange speculation, especially at the parallel market.

According to him, this was hurting the country’s monetary policy and has instigated a drastic drop in the value of the naira.

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Naira fall: Key cities under watch

In a statement signed by EFCC spokesperson, Wilson Uwujaren, Bawa disclosed that the commission has intelligence linking persons and organisations to the hoarding of foreign currencies, especially the U.S. dollars, Channels TV reports.

Five key commercial cities have been identified and are under watch. They are:

1. Kano
2. Lagos
3. Port Harcourt, the Rivers state capital
4. Enugu
5. Calabar

The EFCC boss disclosed that a major offensive against the speculators is underway, warning those involved to desist or risk arrest.

Naira crashes to N710 per dollar

The Nigerian currency, the naira continued its downward spiral as it fell flat against the dollar, selling at N710 per dollar at the parallel market, otherwise known as black market.

Experts have blamed the naira volatility on the continuous intervention of the Central Bank of Nigeria on the forex market as external reserves also witnessed a decline.

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Market watchers have blamed the naira volatility in the parallel market. BDC operators also blamed the increase in demand and panic-buying for the scarcity of the dollar.

However, the naira has since regained some of its lost value in the past few days.

CBN announces penalty for converting Naira to dollar

Meanwhile, the Central bank of Nigeria issued a stern warning to bank customers especially politicians converting naira to the dollar.

According to CBN, the action of the bank customers is against its foreign exchange policy rules.

Legit.ng reported that the governor of the apex bank, Godwin Emefiele, is worried that politicians are giving priority to the dollar instead of naira in their election spending.

Source: Legit.ng