EFCC Intensifies Efforts Against Currency Speculation, Naira Manipulation

• EFCC intensifies efforts against currency speculation and naira manipulation, targeting cryptocurrency platforms.

• Sources reveal EFCC’s focus on stabilizing Nigerian forex market, not limited to Binance.

• Spokesperson reaffirms EFCC’s commitment to ensuring sanity within the country’s forex market.

EKO HOT BLOG reports that the Economic and Financial Crimes Commission has escalated its efforts to combat currency speculation and manipulation of the naira.

According to reliable sources within the commission, the EFCC is targeting not only Binance but also every cryptocurrency platform and other entities involved in manipulating the Nigerian foreign exchange market.

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A source said, “The EFCC is going after all currency speculators to stabilise Nigerian forex.”

Another source noted, “The commission is not only going after Binance but other cryptocurrency compliance and exchanges, this has been helping in stabilising the market.”

Reacting to the development when contacted, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything lawful to ensure sanity within the country’s forex market.

“The commission is doing everything within the ambit of the law to ensure that there’s sanity in Nigerian the foreign exchange market,” he said.

Meanwhile, some foreign exchange market analysts have stated that the dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.

Currency Speculation

A money market analyst, Agba Akin, had on Friday posted a snapshot of the P2P trading platform on X, saying, “Since Wednesday, the dollar has started increasing again at BDC, here is why. The emergency lovers of Binance are back speculating on other P2P apps.

“They’ll keep adding N50 every day until they take it back to 2,500 which was their initial plan, and recoup their loss. CBN, act now.”

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Reacting, a BDC operator identified as Yasir Arafat Jubril@oil_shaeikh said, “The problem with speculative manipulation is even if CBN keeps bidding dollars to BDC at a low rate, the prevailing speculated rate will lord over the market and you’ll be forced to sell at that price to keep afloat. CBN must crack down on all speculative platforms.

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