Task force directed by EFCC to address illicit forex trading, naira abuse

A task force has been formed by the Economic and Financial Crimes Commission to address illicit forex trading and misuse of naira.

In the context of the naira’s ongoing decline in value relative to the US dollar, the commission is battling illicit forex trading.

Data from the Financial Market Infrastructure Group Warehousing, or FMDQ, indicates that on Friday, the value of the naira fell to N1,537.96 per US dollar from N1,498.25 on Thursday.

Remember that the EFCC had previously detained a number of suspects in relation to illicit forex trading and the misuse of naira notes at public events.

Agents of the commission detained 87 currency dealers in Kano, Abuja, Lagos, and the Federal Capital Territory in December 2022.

According to the findings, the forex dealers’ vaults were searched by EFCC detectives looking for hidden dollars and naira.

Additionally, Oluwadarasimi Omoseyin, a Nigerian actress, was found guilty and sentenced to six months in prison by the anti-graft agency in February for stepping on and spraying Naira notes.

Judge Aneke sentenced her for the offense and gave her the option of paying a N300,000 fine into the federation’s consolidated revenue account.

In a notice published on its Facebook page on Saturday, the EFCC urged the public to report individuals involved in illicit forex trading and naira mutilation, reaffirming its commitment to fighting these crimes.

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

Meanwhile, Oba Kolawole Sowemimo, the Olu of Owode in the Obafemi/Owode Local Government of Ogun State, confirmed on Saturday morning that the Egba Traditional Council had suspended him for two months without pay due to allegations of misusing Nigerian naira notes.

“The suspension was announced during our meeting yesterday (Friday), they said the suspension was due to the way I spent money on one musician,” Oba Sowemimo said in an interview with one of our correspondents.

“I stood up and apologized for whatever I had done wrong when asked if I had anything to say. As a result, the three-month suspension without pay that had originally been announced was shortened to two months. I am happy with the council’s decision because it is the one we love that we celebrate, so I completely accept it.

The royal father was seen in a widely shared video from early January showing his disrespect for the naira by decorating well-known Fuji musician Wasiu Ayinde with knitted new notes worth N1000, which were used as garlands.

The council had taken action against Oba Sowemimo for openly disparaging Nigerian currency, which is against Central Bank of Nigeria (CBN) law.