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The Economic and Financial Crimes Commission (EFCC) has taken decisive action against illegal forex trading and abuse of the Nigerian currency, the naira, by establishing a dedicated task force.
The move comes in response to the persistent depreciation of the naira against the US dollar, with recent data showing a significant decline in its value.
In efforts to tackle this issue, the EFCC has previously made arrests and conducted raids on forex dealers suspected of engaging in illegal activities. In December 2022, 87 forex dealers were apprehended in various locations, including Abuja, Lagos, and Kano, with raids uncovering stashed dollars and naira.
Additionally, the EFCC secured the conviction of an actress, Oluwadarasimi Omoseyin, for spraying and stepping on Naira notes, highlighting the seriousness with which such offenses are treated.
To further reinforce its commitment to combating these crimes, the EFCC has urged the public to report instances of illegal forex trading and naira mutilation. Contact information for the EFCC’s task force has been provided for individuals to report any suspicious activities.
In a related development, the suspension of Oba Kolawole Sowemimo, the Olu of Owode in Ogun State, by the Egba Traditional Council for alleged abuse of Nigerian naira notes underscores the importance of upholding the integrity of the currency. The suspension, initially set for three months without salary, was reduced to two months following the monarch’s apology.
The incident leading to Oba Sowemimo’s suspension involved a viral video showing the royal father decorating a popular musician with knitted new notes of N1000, which was deemed disrespectful to the currency and a violation of CBN regulations.
