HomeBusinessDollar rise: EFCC nabs 34 alleged currency speculators

Dollar rise: EFCC nabs 34 alleged currency speculators

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The Economic and Financial Crimes Commission (EFCC) has arrested 34 persons accused of currency speculation and foreign exchange fraud in Abuja, FCT.

Daily News 24 reports that the suspects were picked up from different locations in the nation’s capital on Friday, following the weakening of the Naira against the U.S dollar despite intervention by the Central Bank of Nigeria (CBN).

On Friday, the dollar rose to N1,450 against the naira, even as the CBN sold $10,000 each to more than 1,000 Bureaux De Change (BDCs) at the rate of N1,021 per dollar.

In a statement, the EFCC said the 34 alleged currency speculators were traced and arrested “in a sting operation following credible intelligence about illegal sales of dollars at the Wuse Zone 4 area of the Federal Capital Territory Abuja”.

Also read: EFCC arrests ex-Buhari minister, Sirika over N8bn alleged Nigeria Air scam

According to the commission, 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, Usman Umar and Amina Garba Rola.

Others are: Muhammed Aliyu, Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, Munzali Hashim, 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.

“Their arrest came on the heels of the EFCC’s consistent efforts to sanitise and stabilise the foreign exchange market. They will soon be arraigned in court upon conclusion of investigations,” the EFCC said in a post on its X handle.

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