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We’ve Identified Persons And Organizations Hoarding Dollars



Economic and Financial Crimes Commission (EFCC) has said some individuals and organizations were responsible for the recent crash in the local currency, Naira.

Gatekeepers News reports that the EFCC chairman, Abdulrasheed Bawa disclosed this on Friday when he met with Bureau de Change (BDC) operators in the Federal Capital Territory, Abuja.

The meeting was part of efforts to check foreign exchange speculation, which led to a drastic drop in the value of the naira, according to the anti-graft agency.


Naira rebounds after the EFCC raided some BDC hotspots in the capital city and also in Lagos.

At Friday’s meeting, Bawa sought a collaborative stakeholder response to brazen foreign exchange speculation, especially at the parallel market.

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He also disclosed that the Commission has intelligence linking some persons and organizations to the hoarding of foreign currencies especially the United States Dollars in the key commercial cities of Kano, Lagos, Port Harcourt, Enugu, and Calabar.

The EFCC boss warned those involved to desist or risk arrest as a major offensive against the speculators is underway.


The operators, who thanked the EFCC for the invitation, expressed optimism that the Naira’s rebound, which began after the EFCC’s intervention a few days ago, may eventually see the currency return to its pre-speculation value.

Similar meetings are planned for other Bureau de Change operators in the major commercial cities across Nigeria as well as with key players, regulators, and operators of the Nigerian Financial Sector.

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