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Is it true that the Economic and Financial Crimes Commission (EFCC) has threatened to arrest Nigerians with dollars and other foreign currency?

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News is circulating that as Doĺlar scarcity persists, operatives of the Economic and Financial Crimes Commission ( EFCC) are arresting persons with popular American currency as keeping the dollars on them is causing scarcity.

The Findings:

Since the beginning of August, the dollar has continued to rise in Nigeria’s black market.

Recently, the naira traded at N710 to the dollar in the parallel market.

The EFCC then raided some forex hubs at Wuse Zone 4 axis of the FCT in Abuja, which saw the currency return to its pre-speculated value as days after the security personnel stormed Bureaux De Change (BDC) hub in Abuja, the naira continued to strengthen on the black-market, strengthening to N660 per dollar.

Conclusion: 

Yes, EFCC indeed threatens to arrest dollar hoarders as the naira hits a new low, as currency dealers are perpetrating a financial crime by massively mopping up available foreign currencies in the city thereby compounding Nigeria’s financial woes.

 

2 Comments

  1. דירות דיסקרטיות - israel xclub

    August 26, 2022 at 10:41 am

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  2. נערות ליווי

    September 2, 2022 at 6:21 am

    Everything is very open with a precise explanation of the challenges. It was truly informative. Your website is extremely helpful. Many thanks for sharing!

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