EFCC Arrests 34 Suspected Currency Speculators

The Economic and Financial Crimes Commission (EFCC) has apprehended 34 individuals suspected of engaging in foreign exchange fraud through illicit dollar transactions in Abuja. The arrests, part of a broader crackdown on currency mutilation and economic dollarisation, were carried out in a coordinated sting operation in the Wuse Zone 4 area of the Federal Capital Territory on Friday, April 26, 2024.

According to a statement released on the commission’s website, these arrests were informed by credible intelligence that pinpointed the suspects’ illegal activities. The EFCC’s Taskforce on Currency Mutilation, Dollarisation of the Economy, and Forex Malpractice spearheaded the operation, reflecting the agency’s heightened focus on stabilizing and regulating the forex market amid escalating concerns over economic volatility.

The suspects, identified as individuals involved in significant currency speculation activities, include Usman Mohammed, Abdullahi Nasir, and 32 others. Their operations have been linked to fluctuating foreign exchange rates that have adversely impacted the Nigerian economy. The EFCC disclosed that the individuals were caught in the act of selling U.S. dollars illegally, a practice that has been a contributing factor to the naira’s depreciation.

The EFCC statement noted that “their arrest came on the heels of the EFCC’s consistent efforts to sanitize and stabilize the foreign exchange market.” It emphasizes the agency’s ongoing commitment to curtail financial malpractices that undermine the country’s economic integrity. The suspects are expected to be arraigned in court soon, following the conclusion of investigations.

This operation marks a significant step in the Nigerian government’s fight against economic crimes, particularly at a time when the nation grapples with challenges in the financial sector. The EFCC’s proactive measures aim to reassure the public and investors about the seriousness with which it is addressing irregularities and enforcing regulations within the financial marketplace.