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Thursday, February 2, 2023

EFCC names more Nigerian governors hoarding money amid naira redesign

The Chairman of the commission of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa on Thursday said the number of governors on its watchlist has increase.

Bawa disclosed this while briefing newsmen at the State House after meeting with President Muhammadu Buhari on Thursday, November 17 2022.

Recall that after the Central Bank of Nigeria (CBN) announced a plan to redesign the naira, the local currency then came under severe pressure in the black market.

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However, the currency began a rebound against the greenback on Monday, after a week-long clampdown on foreign exchange dealers in Abuja, Lagos, Kano, and other major cities by the personnel of the EFCC.

The clampdown on forex dealers was said to have forced several BDCs into hiding, a move that reportedly made many politically exposed persons and currency speculators hold back in their demand for the greenback.

Bawa, who declined to mention the number of governors currently under the EFCC watch, also refused to reveal the identities of the governors.

The EFCC boss further affirmed that the anti-corruption agency is pleased with the redesign of the naira note, explaining that the policy would help the Central Bank of Nigeria (CBN) control the monies in the system and by extension, enable more money for people to borrow.

Bawa also re-expressed the belief (as a student of economics) that the redesigning of the naira will cause the value of the dollar currently at 890 to crash to 200 naira

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On the sting operations to the Bureau De Change (BDC) operators, he affirms that the operation was successful and huge recoveries were made.

Bawa again urged Nigerians to embrace the new policy, while also encouraging citizens to take advantage of the whistle-blower policy.

article ends here.

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