The Economic and Financial Crimes Commission (EFCC) is expanding its efforts to curb the manipulation of the naira by targeting currency speculators and various cryptocurrency platforms, according to reliable sources within the commission. This move comes as part of a broader strategy to stabilize Nigeria's foreign exchange market.
Sources within the EFCC disclosed that the agency's operations are not limited to major platforms like Binance but include a broader spectrum of cryptocurrency exchanges and compliance systems. This approach has reportedly contributed to recent stabilization efforts within the market.
EFCC spokesperson, Dele Oyewale, confirmed that the commission is committed to enforcing the law to maintain market order. "The commission is doing everything within its legal capacity to ensure there’s sanity in the Nigerian foreign exchange market,” Oyewale stated.
Market analysts have observed a slight increase in the dollar's value against the naira from Wednesday to Friday, attributing it to actions by commercial banks in the interbank segment. Agba Akin, a money market analyst, expressed concerns on social media about speculative activities on peer-to-peer (P2P) trading platforms, which he believes could undermine the Central Bank of Nigeria's (CBN) efforts if unchecked.
A BDC operator, commenting under the pseudonym Yasir Arafat Jubril, criticized the speculative manipulation prevalent in the market, which forces operators to adhere to the speculated rates to sustain their businesses. He urged the CBN to take stringent measures against all speculative platforms contributing to these distortions.
Almustapha Muhammed, Chairman of the Adhoc Committee of the Association of Bureaux De Change Operators of Nigeria, clarified that the observed rise in the dollar was due to activities in the interbank rates facilitated by commercial banks, and not directly by the BDCs. He detailed how discrepancies between the CBN's rates and market rates have led to unusual market behaviors, with traders capitalizing on the differential for profit.
In response to these developments, an economist on social media, identified as Opeoluwa, reported that security agencies are treating the situation as an imminent threat and are considering extending their regulatory scope as they previously did with Binance.
Efforts to reach Zakari Mijinyawa, the Head of Strategic Communication at the Office of the National Security Adviser, for further comments were unsuccessful. The intensified crackdown by the EFCC reflects the government's resolve to enforce regulations and stabilize the economy amid fluctuating global financial dynamics.
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