EFCC directs a task force to address illicit forex trading and misuse of the naira

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The Economic and Financial Crimes Commission (EFCC) has formed a task force to address the issues of illegal forex trading and abuse of the naira, responding to the ongoing depreciation of the naira against the US dollar.

FMDQ data reveals the naira’s decline to N1,537.96 per US dollar, prompting the EFCC’s intensified efforts.

Previously, the EFCC apprehended numerous suspects involved in illegal forex trading and naira abuse, including the arrest of 87 forex dealers in Abuja, Lagos, and Kano in December 2022.

The commission also secured the conviction of an actress, Oluwadarasimi Omoseyin, for stepping on and spraying naira notes, with a sentencing of six months imprisonment or a N300,000 fine.

Reiterating its commitment, the EFCC urged the public to report illegal forex trading and naira mutilation, providing toll-free numbers.

 

Meanwhile, the Olu of Owode, Oba Kolawole Sowemimo, confirmed his two-month suspension without salary by the Egba Traditional Council for alleged abuse of the naira during a public event with a popular musician.

The suspension was reduced from three months following his apology and acknowledgment of the council’s decision.

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