The Economic and Financial Crimes Commission (EFCC) has established a task force aimed at addressing illegal forex trading and abuse of the Nigerian currency, the naira. This move comes in response to the persistent depreciation of the naira against the US dollar, with the exchange rate reaching N1,537.96 per US dollar on Friday, according to data from FMDQ, a financial market infrastructure group.
The EFCC has previously taken action against suspects involved in illegal forex trading and the misuse of naira notes. Operations in December 2022 led to the arrest of 87 forex dealers in Abuja, Lagos, and Kano. The agency’s detectives searched the dealers’ vaults for concealed foreign currency and naira. In February, the EFCC secured the conviction of Nigerian actress Oluwadarasimi Omoseyin for spraying and stepping on Naira notes. The actress received a six-month imprisonment sentence with a fine option of N300,000.
In a notice posted on its Facebook page, the EFCC urged the public to report instances of illegal forex trading and naira mutilation. The notice provided toll-free numbers for the EFCC’s Taskforce: 09135003322 and 0912887608.
Meanwhile, the Olu of Owode in Ogun State, Oba Kolawole Sowemimo, confirmed his suspension for two months without salaries by the Egba Traditional Council. The suspension resulted from the monarch’s alleged abuse of Nigerian naira notes during a public event with the popular Fuji musician, Wasiu Ayinde. The viral video showed the royal father decorating the musician with knitted new N1000 notes, a gesture deemed disrespectful to the currency and in violation of the Central Bank of Nigeria’s regulations. Oba Sowemimo expressed acceptance of the council’s decision, acknowledging the need for accountability even within the royal ranks.
