The Economic and Financial Crimes Commission (EFCC) has identified the people and entities responsible for the Naira’s decline.
After meeting with Bureau de Change (BDC) operators in the Federal Capital Territory on Friday, the commission made the statement.
The conference was held to “fashion out ways to collaborate,” according to chairman Abdulrasheed Bawa, who also denounced “brazen foreign exchange speculation, especially at the parallel market.”
The activities, according to the anti-graft boss, were harming the nation’s monetary policy by causing a run on the value of the naira.
Bawa revealed that the commission had information connecting specific people and groups to the stockpiling of foreign currencies, particularly dollars.
He disclosed that a significant effort against the speculators is underway and named Kano, Lagos, Port Harcourt, Enugu, and Calabar as states under watch.
In response, the operators expressed confidence that EFCC action may eventually cause the naira to regain its pre-speculation value.
Similar gatherings with other BDC dealers, regulators, participants in the financial industry, and other stakeholders will take place.
