Different Strokes On EFCC’s Threats Against Dollar Hoarders

The Economic and Financial Crimes Commission (EFCC) has sparked massive reactions on social media following its threat to arrest Nigerians hoarding dollars and other foreign currency.

This was revealed by the Chairman of the anti-graft agency, Abdulrasheed Bawa, on Friday while meeting representatives of Bureau De Change operators in the Federal Capital Territory, Abuja.

The meeting was held by the EFCC in an attempt to savage the rising cases of foreign exchange speculations, which has led to the devaluation of the naira.

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Bawa warned those engaging in the act to stop or face the law.

EFCC had intelligence linking some persons and organisations to the hoarding of foreign currencies especially the United States dollars in commercial cities across the country.

He said, “The commission has intelligence linking some persons and organisations to the hoarding of foreign currencies especially the United States dollars in key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar.

“We, however, warn those involved to desist or risk arrest as a major offensive against the speculators is under way.”

The EFCC had intervened by raiding some black market spots in Abuja, an action it was said led to the crash of the dollar from its height of more than 700 to the naira. 

This has stirred numerous reactions from social media users who took to the comment section to air their minds.

Read comments below:

@117d425387cd443: If Nigeria government can stop to spending dollar in Nigeria our Naira will be valued. If you are  traveling abroad when getting to the border do your exchange rate at the port of entry and if you are coming back to Nigeria do your exchange rate at the port of entry before coming in.

@renecamilleri4: The Naira is subject supply and demand forces. The demand for the Naira is simply not there, Nigerians don’t want it, equally foreign entities. The fiscal and monetary policy sits with the governor of the CBN and not the CBCs. I hence think the EFCC is barking up the wrong tree.

@olamuh200: They don’t need announcing, they need arresting before announcing. The reason our security agencies are underperforming is that they love announcing their tactics, equipment procured, modus operandi to general public rather than arresting issues before coming out with results

@sskwito:  if the people running the economy had done thier job very well, do you think people will hoard dollar??…I believe those people who bastardised the economy are well known to you people so do your Job well… Happy Hunting.

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