EFCC meets with BDC operators in Abuja to discuss how to combat forex hoarders.

Ibekimi Oriamaja Reports

Abdulrasheed Bawa, the chairman of the Economic and Financial Crimes Commission, met with representatives of Bureau de Change Operators in Abuja to discuss ways to reduce currency speculation.

The EFCC believes that recent currency speculation is to blame for the dramatic decline in the value of the naira.

The EFCC earlier carried out raids at some BDC hotspots in Lagos and the capital.

The naira has since regained a portion of the value it had previously lost.

In his Friday discussion with the operators, Bawa sought a coordinated stakeholder response to careless foreign exchange speculation, particularly in the parallel market, according to a statement released by EFCC spokesperson Wilson Uwujaren.

“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,” the statement added.

“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.

“However, a big effort against the speculators is already underway, and Bawa advised anyone participating to stop or face being arrested. Bawa further disclosed that the Commission has information connecting some individuals and groups to the hoarding of foreign currencies, particularly US dollars, in the important financial centers of Kano, Lagos, Port Harcourt, Enugu, and Calabar.

As of Friday, the currency rate was N417 to $1. On the underground market, the cost rose to N661.