In a decisive move to protect the Nigerian currency, the Economic and Financial Crimes Commission (EFCC) has frozen 300 forex trading accounts implicated in unauthorized transactions. EFCC Chairman, Ola Olukoyede, announced this measure during a press briefing in Abuja on April 23, 2024.
Olukoyede highlighted the agency's concerns about the peer-to-peer (P2P) trading accounts, which have been linked to illicit financial activities threatening the stability of the Naira. These accounts were involved in transactions that bypassed regular banking channels, directly impacting the foreign exchange market and contributing to the Naira's depreciation.
The decision to freeze these accounts followed legal authorization, reflecting the urgency of preventing further destabilization of the currency. Olukoyede expressed the necessity of the intervention, noting the potential for significant economic repercussions if such activities continued unchecked.
The EFCC's action underscores a broader commitment to safeguarding Nigeria's financial system and ensuring that currency trading practices do not undermine economic stability.
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