The Economic and Financial Crimes Commission (EFCC) has taken decisive action by freezing 300 illegal forex trading accounts. This revelation came during an interactive session with journalists in Abuja on Tuesday, April 23, 2024, as disclosed by EFCC Chairman, Ola Olukoyede.
The targeted trading accounts, operating under the guise of "P to P" (peer to peer) transactions, represent a clandestine financial scheme that poses a grave threat to the stability of the Naira. Olukoyede underscored the severity of the situation, highlighting the imminent danger these illicit activities posed to the foreign exchange market and, by extension, the national currency.
"If left unchecked," Olukoyede warned, "this illicit trading would have inflicted significant damage on the foreign exchange market, exacerbating the depreciation of the Naira." He emphasized the urgency of the EFCC's intervention, noting that swift action was essential to prevent further economic turmoil.
The EFCC Chairman condemned the perpetrators behind these illegal forex transactions, lamenting their disregard for the well-being of the nation. He expressed frustration at those who derive pleasure from Nigeria's economic instability, emphasizing the agency's commitment to safeguarding the country's financial integrity.
The freezing of the 300 illicit forex accounts marks a significant step in the EFCC's ongoing efforts to combat financial crimes and protect the stability of the Nigerian economy
