THE Economic and Financial Crimes Commission EFCC) has arrested 34 suspected currency speculators for alleged foreign exchange fraud at the Wuse Zone 4 area of the Federal Capital Territory (FCT).
The suspects were arrested in a sting operation following credible intelligence about illegal sales of dollars.
The spokesperson of the EFCC, Dele Oyewale, disclosed this in a statement on Friday, April 26.
Read Also:
Bawa: EFCC raid on BDC operators behind rise of naira against dollar
CBN revokes 4,173 Bureau De Change operators’ licence
EFCC arrests, grills NDDC’s Account Director over alleged N25bn fraud
The anti-graft agency said its operatives, who were attached to the Taskforce on Currency Mutilation, Dollarisation of the Economy, and Forex Malpractice, carried out the arrest.
The agency listed the suspects arrested as Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Lawal and Usman Umar.
Others are Amina Garba Rola, Muhammed Aliyu, Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, Munzali Hashim, Jamilu Suleiman, Mustapha Umar, Mubarak Tanimu, Adamu Garba, Mohammed Usman, Bello Musa, Saleh Mohammed Naseer, Zaharadeen Yau, Musa Umaru Adamu, Usman Machido, and Abdulaziz Abubakar Abba.
The agency said the suspects would be arraigned in court upon the conclusion of investigation.
The EFCC agents arrested over 50 illegal Bureau De Change (BDC) operators in Wuse Zone 4 Abuja in February due to the continued fall of the naira in the foreign exchange market.
A BDC operator, Abubakar Taura, at the Wuse Zone 4 told reporters that the operatives came around 3 p.m. and arrested over 50 of their members.
In August 2023, the Central Bank of Nigeria (CBN) intensified efforts to battle currency speculators and developed new guidelines for BDC operators.
Nigeria has been facing serious currency problems since it floated its naira currency against the US dollar. This has caused economic issues, with a surge in inflation leading to a high cost of living.
Also, there are concerns about floating the naira against the dollar, which has led to the dollarisation of the economy and currency speculation.
A reporter with the ICIR
A Journalist with a niche for quality and a promoter of good governance