To combat illicit forex trading and naira abuse, the Economic and Financial Crimes Commission has formed a task force.
Amidst the ongoing devaluation of the naira in relation to the US dollar, the commission is actively battling illicit forex trading.
The naira fell to N1,537.96 per US dollar on Friday from N1,498.25 on Thursday, according to data from the Financial Market Infrastructure Group Warehousing, or FMDQ.
You may remember that the EFCC has previously detained a number of people suspected of engaging in illicit foreign exchange trading and misusing naira notes at public events.
The Federal Capital Territory, Abuja, Lagos, and Kano were the locations of 87 arrests made by commission agents in December 2022.
The EFCC detectives searched the forex dealers’ vaults for hidden dollars and naira, according to the findings.
Additionally, in February, the anti-graft agency managed to get Nigerian actress Oluwadarasimi Omoseyin found guilty and sentenced to six months in prison for stepping on and spraying Naira notes.
Upon delivering her verdict, Justice Aneke fined her N300,000, which she could then deposit into the federation’s consolidated revenue account.
The EFCC urged the public to report individuals involved in illicit forex trading and naira mutilation on its Facebook page on Saturday, reiterating its efforts to combat these crimes.
“Call the EFCC’s Taskforce at 09135003322 or 0912887608, if you have any information about the misuse of the Naira and illegal trading in FOREX.”
Meanwhile, the Egba Traditional Council confirmed on Saturday morning that Oba Kolawole Sowemimo, the Olu of Owode in the Obafemi/Owode Local Government of Ogun State, had been suspended for two months without pay due to allegations of misusing Nigerian naira notes.
Oba Sowemimo, one of our correspondents, stated, “They said the suspension was because of the way I spent money on one musician during our meeting yesterday, Friday. The suspension was announced during our meeting.
“I stood up when asked if I had anything to say, apologized for whatever I had done wrong, and the three-month suspension without pay that had been originally announced was shortened to two months. Since the decision was made in favor of the person we love, I wholeheartedly accept the council’s ruling.
The popular Fuji musician Wasiu Ayinde was adorned with knitted new notes worth N1000, which were used as garlands, in a video that went viral in early January, demonstrating the royal father’s disrespect for the naira.
Oba Sowemimo was the target of a council action for openly disparaging Nigerian currency, which is against Central Bank of Nigeria (CBN) law.
