The Economic and Financial Crimes Commission (EFCC) has initiated a robust crackdown on dollar speculators, hoarders, racketeers, and firms issuing invoices in foreign currency, aiming to curb the further depreciation of the naira against the dollar.
The anti-graft agency has established 14 special task forces to identify and apprehend culprits operating across its zonal commands. Notably, the EFCC has arrested several racketeers in Lagos, Port Harcourt, and Kaduna, while also questioning proprietors of privately run universities charging fees in dollars.
The move aligns with the agency's commitment to enforcing laws against currency mutilation and preventing the dollarization of the economy. Concurrently, the Central Bank of Nigeria (CBN) emphasizes the legal tender status of the naira, discouraging the use of foreign currencies for transactions within the country. As the EFCC intensifies its efforts, the naira currently exchanges for N1,490/$ at the parallel market and N1,418/$ in banks.
The crackdown aims to safeguard the economy from abuses, leakages, and distortions, contributing to stability and preventing disruptions
