EFCC meets BDC operators in Abuja, to clamp down on FX hoarders in major cities

EFCC meets BDC operators in Abuja to clamp down on FX hoarders

 

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has met with representatives of Bureau de Change Operators (BDC) in the Federal Capital Territory as part of its ongoing efforts to combat the rising incidence of foreign exchange speculation, which has put pressure on the value of the Naira.

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Bawa said the purpose of meeting with the representatives of Bureau de Change Operators is to fashion out a collaborative stakeholders response to brazen foreign exchange speculation, particularly in the parallel market, which is harming the nation’s monetary policy by instigating a run on the value of the Naira.

 

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The operators thanked the EFCC for the invitation and expressed hope that the Naira’s recovery, which got underway following the agency’s involvement a few days ago, would finally result in the currency returning to its value prior to speculation.

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

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

 

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He stated that a significant offensive against the speculators is currently underway and advised anyone participating to stop or risk being arrested.

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