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EFCC Orders Task Force To Tackle illegal Forex Trading, Naira Abuse

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The Economic and Financial Crimes Commission has established a task force to tackle illegal forex trading and naira abuse.

The commission is combating illegal forex trading against the backdrop of the continued depreciation of the naira against the US dollar.

According to data from the financial market infrastructure group warehousing, also known as FMDQ, the naira depreciated to N1,537.96 per US dollar on Friday from N1,498.25 on Thursday.

Recall that the EFCC had arrested several suspects in the past in connection with illegal forex trading and abuse of the naira notes in public functions.

In December 2022, operatives of the commission arrested 87 forex dealers in the Federal Capital Territory, Abuja, Lagos and Kano.

Findings revealed that the EFCC detectives ransacked the forex dealers’ vaults for stashed dollars and naira.

Also, the anti-graft agency in February, secured the conviction and sentencing of a Nigerian actress, Oluwadarasimi Omoseyin, to six months imprisonment for spraying and stepping on Naira notes.

Delivering judgment, Justice Aneke sentenced her for the offence with an option of N300,000 fine to be paid into the consolidated revenue account of the federation.

Reiterating its effort to combat the crimes, the EFCC in a notice posted on its Facebook page on Saturday, enjoined the public to report people engaging in illegal forex trading and naira mutilation.

“If you have information on the misuse of the Naira and illegal trading in FOREX, call the EFCC’s Taskforce on any of these toll-free numbers: 09135003322 and 0912887608.”

Meamwhile, the Olu of Owode in Obafemi/Owode Local Government of Ogun State, Oba Kolawole Sowemimo, on Saturday morning confirmed his suspension for two months and without salaries by the Egba Traditional Council over alleged abuse of Nigerian naira notes.

Speaking with our one of our correspondent, Oba Sowemimo said, “The suspension was announced during our meeting yesterday (Friday), they said the suspension was due to the way I spent money on one muscian.

“When I was asked if I have anything to say, I  stood up and apologized for whatever I have done wrong and the suspension which was earlier announced to be for three months without salaries was reduced to two months. I totally accept the verdict of the council because it is the person that we love that we chatise, so I am good with the decision”.

A viral video early January had shown the royal father’s lack of respect for the naira where he was seen decorating the popular Fuji musician, Wasiu Ayinde with knitted new notes of N1000 which was used as a garlands to decorate the musician.

The council had moved against Oba Sowemimo for publicly degrading Nigerian currency, an offence which contravenes law of the Central Bank of Nigeria (CBN)


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