HomeNewsAnti-Graft Agency Arrests 12 Currency Traders in Ibadan

Anti-Graft Agency Arrests 12 Currency Traders in Ibadan

Published on

The Economic and Financial Crimes Commission (EFCC) has arrested 12 operators of Bureau de Change (BDC) in Ibadan, the capital of Oyo State, for alleged involvement in currency speculation and money laundering.

The EFCC said the suspects were apprehended on Tuesday, February 20, 2024, during a raid on their offices at Sabo area of the city, following intelligence reports of their illicit activities.

The EFCC spokesperson, Wilson Uwujaren, said the suspects were found in possession of large sums of foreign currencies, mostly US dollars, which they allegedly bought at lower rates and sold at exorbitant prices, thereby creating artificial scarcity and undermining the value of the naira.

He said the suspects also failed to comply with the regulations of the Central Bank of Nigeria (CBN), which require BDC operators to register with the apex bank and submit periodic returns of their transactions.

He said the suspects would be charged to court as soon as investigations are concluded.

The EFCC raid came amid the worsening exchange rate crisis in the country, which has seen the naira depreciate to over N700 per dollar in the parallel market.

The CBN has blamed the situation on the activities of currency speculators, hoarders, and smugglers, who exploit the gap between the official and parallel market rates to make huge profits.

The CBN has also warned BDC operators and other financial institutions against engaging in any form of malpractice that could sabotage the efforts of the government to stabilize the naira.

The EFCC has vowed to intensify its crackdown on economic and financial crimes, especially those that affect the well-being of Nigerians.

The EFCC has also urged the public to support its fight against corruption by reporting any suspicious transactions or persons to the nearest EFCC office or through its hotlines.

The EFCC expressed hope that the arrest of the BDC operators would serve as a deterrent to others who may be involved in similar offences, and also send a clear message that the agency would not relent in its mandate to rid the country of corruption.

Source: Tribune Online NG

Latest articles

Senate Increases Windfall Tax on Banks to 70%

Nigerian Senate raises windfall tax on banks' foreign exchange gains to 70%, targeting redistribution of government-driven profits.

Government Urges Patience Amid Protests, Pledges to Address Economic Issues

The Nigerian government appeals for patience and dialogue as nationwide protests loom, pledging to address the economic issues causing public discontent.

Dangote Refinery Set to Disrupt 90 European Refineries

The Dangote Refinery, with its capacity to produce 650,000 barrels per day, threatens to disrupt 90 European refineries and shift global oil market dynamics

FG Pleads for Patience Amid Nationwide Protest Plans

The Federal Government appeals for patience and postponement of the planned nationwide protest, citing ongoing efforts to address economic hardships.

More like this

Senate Increases Windfall Tax on Banks to 70%

Nigerian Senate raises windfall tax on banks' foreign exchange gains to 70%, targeting redistribution of government-driven profits.

Government Urges Patience Amid Protests, Pledges to Address Economic Issues

The Nigerian government appeals for patience and dialogue as nationwide protests loom, pledging to address the economic issues causing public discontent.

Dangote Refinery Set to Disrupt 90 European Refineries

The Dangote Refinery, with its capacity to produce 650,000 barrels per day, threatens to disrupt 90 European refineries and shift global oil market dynamics