Sunday, September 6, 2026

EFCC to arrest Nigerians who keep their dollars

The anti-graft agency claimed it had intelligence that some Nigerians were stockpiling foreign currency.

• August 6, 2022
Abdulrasheed Bawa
Abdulrasheed Bawa

The Economic and Financial Crimes Commission (EFCC) has warned that it will arrest Nigerians stockpiling and hoarding forex as authorities activates desperate measures to salvage tumbling economy.

The chairman of the anti-graft agency, Abdulrasheed Bawa, issued the threat while meeting with representatives of Bureau De Change operators in Abuja on Friday, saying the agency had intelligence that Nigerians stockpiling foreign currency.

He warned that the agency would not hesitate to arrest anyone found guilty of the crime.

“The Commission has intelligence linking some persons and organisations to hoarding foreign currencies, especially the United States dollars, in key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar. We warn those involved to desist or risk arrest as a major offensive against the speculators is underway,” he said.

The anti-graft agency’s threat comes a few weeks after the Central Bank of Nigeria (CBN) threatened to arrest and prosecute Nigerians using naira to buy dollars.

In an attempt to further restrict the flow of forex at the parallel market, the banking sector regulator threatened to arrest and prosecute Nigerians using naira to buy dollars.

Recall that operatives of the anti-graft agency in an effort to stabilise the nation’s plummeting currency in July besieged the Wuse Zone 4 axis, the bureau de change trading hub in Abuja.

The raid was carried out after the anti-graft agency received information that some individuals were purchasing American dollars in large quantities, causing scarcity of the green and further depreciation of the naira.

Mr Emefiele has spent years blaming BDC operators and purported speculators for the downward trend of the national currency.

Also in July, Federal lawmakers summoned Mr Emefiele after the naira fell to N710 per dollar, expressing concern that the naira could fall as low as N1,000 per dollar by the end of the year.

In the parallel market, the naira fell from N180 to a dollar in 2014 to N710 in the final days of July, before gaining to trade at N665 against the dollar.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Africa

APC, Ethiopia’s Prosperity Party youths inaugurate joint tree-planting campaign

The initiative is part of the second round of the “Plant African Fraternity” aimed at deepening pan-African youth solidarity and promoting environmental sustainability.

Federal Road Safety Corps

States

Three killed, 20 injured in Osun road crash: FRSC

The Federal Road Safety Corps (FRSC) says three people lost their lives, while 20 others were injured in an accident in Tonkere, Osun State.

Heading 2

EPL: Aston Villa extend goalless run after 0-0 draw with Hull City

Villa missed goal-scoring opportunities in the opening minutes of the game, with chances from Nicolas Jackson, Ross Barkley and George Hemmings.

Heading 5

Rights activists, labour leaders seek security, living wage reforms

Rights activists, labour leaders and civil society organisations called for urgent reforms to address insecurity and economic hardship.

Idi Maiha

Heading 3

FG rebranding livestock sector to attract youths: Maiha

“Now, the agriculture sector is beckoning the youths. We are rebranding the sector,” the minister said.

Governor Seyi Makinde of Oyo State

States

Gov Makinde cautions traditional rulers against partisan politics

Mr Makinde advised traditional rulers to steer clear of politics and embrace all political actors without bias.