EFCC Launches 7,000-Man Task Force To Tackle Forex Racketeers

EFCC Launches 7,000-Man Task Force To Tackle Forex Racketeers

In a bold move to combat the escalating forex crisis, the Economic and Financial Crimes Commission (EFCC) has mobilized a 7,000-man special task force spanning its 14 zonal commands to crackdown on dollar racketeers……READ MORE EFCC’s Legal Storm: Ex-Kogi Governor Yahaya Bello Accused In N80bn Fraud Case

Amidst the relentless depreciation of the naira against the dollar, the EFCC has intensified efforts to curb illegal forex activities, targeting individuals and entities involved in the unlawful trading of foreign currency.

Addressing the press in Abuja, EFCC spokesperson Dele Oyewale announced the summoning of proprietors of private universities and other educational institutions that charge tuition fees in dollars, as part of the agency’s crackdown on forex infractions.

The Nigerian currency has witnessed a sharp decline in recent weeks, plunging from approximately 900 naira per dollar to over 1,400 naira per dollar in the official market.

Central Bank Governor Olayemi Cardoso, in a recent appearance before the House of Representatives, revealed that Nigerians spent a staggering $98 billion over the past decade on foreign education, healthcare, and personal travels, exacerbating the pressure on the naira.

The surge in demand for foreign exchange, coupled with various economic factors, has fueled the currency crisis, prompting the EFCC to launch targeted interventions to safeguard the stability of the naira.

The EFCC’s task force, led by Executive Chairman Ola Olukoyede, is mandated to enforce existing laws against currency mutilation and the dollarization of the economy. Recent arrests in Lagos and Rivers States signal the agency’s determination to tackle illicit forex activities head-on.

Furthermore, the EFCC has engaged proprietors of private universities and tertiary institutions charging fees in foreign currency, emphasizing that only the naira is legal tender in Nigeria.

While the EFCC’s crackdown intensifies, stakeholders are urged to comply with existing regulations to mitigate the adverse effects of the forex crisis on the nation’s economy.