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EFCC threatens to detain anyone who hoards money.

EFCC threatens to detain anyone who hoards money.

Nigerians who have dollars and other foreign currency hoarded have been threatened with arrest by the Economic and Financial Crimes Commission. 

In a meeting with representatives of Bureau De Change operators on Friday in the Federal Capital Territory of Abuja, Abdulrasheed Bawa, the chairman of the anti-graft agency, announced this. 

Abdulrasheed Bawa

The meeting followed continued attempts by the anti-graft agency to stop the growing instances of foreign exchange speculators, which were placing pressure on the value of the naira. 

Bawa stated that the EFCC had intelligence connecting some people and organizations to the hoarding of foreign currencies, especially the United States dollars, in commercial cities all over the country, and warned those involved to stop or risk arrest as a major offensive against the speculators was underway. 

In the important commercial towns of Kano, Lagos, Port Harcourt, Enugu, and Calabar, he added, “The commission has intelligence linking some persons and organizations to the hoarding of foreign currencies, especially the United States dollars.

The currency returned to its predicted value after the EFCC interfered by seizing some Forex markets in Abuja. 

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Bawa pointed out that the purpose of the conference was to devise a cooperative reaction from all parties to reckless foreign exchange speculation, particularly on the parallel market, which was harming the country’s monetary policy by causing the value of the naira to fall. 

Similar gatherings are scheduled for other Bureau de Change operators in other important commercial locations throughout the nation, involving important participants, regulators, and operators in the Nigerian financial industry, according to the anti-graft agency.

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