The Economic and Financial Crimes Commission (EFCC) has made significant strides in its crackdown on foreign exchange (forex) scams and market manipulation, culminating in the arrest of over 200 suspects nationwide.
Sources close to the investigation, speaking anonymously to The PUNCH, disclosed that the EFCC has detained more than 200 individuals suspected of involvement in forex fraud and currency speculation. These arrests span various states, including Abuja, Lagos, Rivers, and Kano.
Detailing the ongoing probe, one source affirmed, “The EFCC has apprehended over 200 individuals linked to forex scams and financial market manipulation. They are currently undergoing interrogation to ascertain the extent of their complicity.”
Another source echoed similar sentiments, confirming the widespread nature of the arrests and emphasizing the agency’s determination to bring perpetrators to justice.
The intensified clampdown on BDC operators aligns with the government’s efforts to stabilize the local currency amidst concerns over its depreciation attributed to speculative activities in the forex market and digital sphere.
In a recent operation, operatives from the Uyo Zonal Command of the EFCC apprehended five suspected forex speculators in Abia State, seizing various foreign currencies and electronic devices from the suspects.
Additionally, the EFCC’s Enugu Zonal Command arraigned a forex broker, Daniel Chukwuka Koussou, before Justice C. O. Ajah of the State High Court on charges of criminal conversion and stealing amounting to N112.8 million.
Koussou, pleading not guilty to the charges, was remanded at the Enugu State Correctional Facility pending the fulfilment of bail conditions.
The crackdown underscores the government’s commitment to curbing illicit financial activities and restoring stability to the forex market.
Meanwhile, despite fluctuations, the naira recorded marginal appreciation both at the official and parallel markets, signaling cautious optimism among traders amidst ongoing monetary policy deliberations.
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