EFCC To Arrest Nigerians Who Keep Foreign Currencies

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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.