EFCC Orders Task Force to Combat Illegal Forex Trading and Naira Abuse

In response to the ongoing depreciation of the naira against the US dollar, the Economic and Financial Crimes Commission (EFCC) has taken decisive action by establishing a task force dedicated to addressing the issues of illegal forex trading and naira abuse.

Recent data from the financial market infrastructure group, FMDQ, reveals a concerning drop in the naira’s value to N1,537.96 per US dollar on Friday, compared to N1,498.25 on Thursday. The EFCC’s move follows previous arrests of suspects involved in illegal forex trading and the misuse of naira notes during public functions.

In December 2022, the EFCC detained 87 forex dealers in Abuja, Lagos, and Kano, searching their vaults for stashed currencies. Furthermore, the anti-graft agency secured the conviction of Nigerian actress Oluwadarasimi Omoseyin in February, sentencing her to six months imprisonment for spraying and stepping on naira notes.

In a recent notice posted on its Facebook page, the EFCC urged the public to report individuals engaged in illegal forex trading and naira mutilation, providing toll-free numbers (09135003322 and 0912887608) for information sharing.