The Economic and Financial Crimes Commission (EFCC) reports that 34 alleged currency speculators have been arrested for foreign exchange (FX) fraud.
The EFCC stated on Friday that the arrest was carried out by agents from its task force on currency mutilation, dollarisation of the economy, and foreign exchange fraud.
According to the anti-graft agency, the suspects were arrested in Wuse Zone 4, Abuja, on April 26 as part of a sting operation based on solid intelligence concerning illegal dollar trades.
EFCC said:
“Operatives of the Economic and Financial Crimes Commission, EFCC, attached to the Taskforce on Currency mutilation, Dollarization of the Economy and Forex Malpractice, have arrested 34 suspected currency speculators for alleged foreign exchange fraud.”
“The suspects are: Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Lawal.”
The agency also apprehended Usman Umar, Amina Garba Rola, Muhammed Aliyu, Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, and Munzali Hashim.
Other names include Jamilu Suleiman, Mustapha Umar, Mubarak Tanimu, Adamu Garba, Mohammed Usman, Bello Musa, Saleh Mohammed Naseer, Zaharadeen Yau, Musa Umaru Adamu, Usman Machido, and Abdulaziz Abubakar Abba.
The EFCC stated that the arrest occurred as part of its ongoing efforts to clean up and stabilise the FX market and that the suspects will be arraigned in court once the investigations are completed.
On February 24, the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) signed an agreement to investigate and sanction anybody engaging in illegal activity in the foreign exchange market.
The decision was made in light of the naira’s ongoing depreciation, which has hurt inflation and economic stability.
Following the agreement, which also included the EFCC, the commission blocked over 300 accounts tied to illegal FX trading.
On January 24, the EFCC initiated a probe into 52 firms’ forex dealings.
