Friday, August 12, 2022

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

Hot news Home top

Femi Kuti says Obidients are zombies

Zombie was the title of a studio album released in 1976 by Fela Anikulapo Kuti, deriding Nigerian soldiers as a bunch of robotic and senseless individuals.



Corps member bags two years jail for internet fraud

Justice Ibrahim Yusuf said that Mr Adetuberu, 28, was found guilty of the two-count of cyber-crime preferred against him.

FCT police spokeswoman Josephine Adeh


Police intercept 100 bags of cannabis concealed in Dangote truck

Police spokesperson said the dry leaves were concealed beneath fertilizers loaded in a Dangote truck, heading to Abuja from Ondo State.

Labour Party (LP)


Charles Odigbo named communication head for Peter Obi campaign

Mr Utomi made the announcement at a special announcement session of the media team for the Peter Obi campaign team held in Lagos on Thursday.


U.S. provides Nigeria biorepository laboratory with new facilities

The biorepository laboratory was commissioned in Lagos on ThursThe biorepository laboratory was commissioned in Lagos on Thursday.

Rivers State governor, Nyesom Wike and Atiku Abubakar

Heading 3

PDP crisis worsens as Wike sues Atiku over 2023 presidential ticket

The Rivers governor has exhibited strained ties with both the party and its 2023 standard-bearer over the outcome of the May 28 national convention and presidential primary.