EFCC Establishes Task Force to Combat Illegal Forex Trading and Naira Abuse

Afaf Fahchouch
Afaf Fahchouch
3 Min Read
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In response to the alarming rise in illegal forex trading and abuse of the Nigerian currency, the Economic and Financial Crimes Commission (EFCC) has announced the formation of a dedicated task force to address these issues. The move comes amid growing concerns over the depreciation of the naira against the US dollar, with recent data showing a significant decline in the currency’s value. The EFCC has previously taken action against individuals involved in illegal forex trading and naira abuse, including the arrest of forex dealers and the conviction of offenders.

Recent crackdowns by the EFCC have seen the arrest of numerous suspects engaged in illegal forex trading across various states in Nigeria. Operations conducted in December 2022 resulted in the apprehension of 87 forex dealers in Abuja, Lagos, and Kano, with authorities seizing stashed dollars and naira during raids. Additionally, the EFCC secured the conviction of a Nigerian actress for spraying and stepping on naira notes, underscoring the seriousness of the offense.

In a bid to further combat these crimes, the EFCC has urged the public to report any instances of illegal forex trading or naira mutilation. The commission has provided toll-free numbers for individuals to report such activities, signaling its commitment to enforcing regulations and safeguarding the integrity of the Nigerian currency. Meanwhile, instances of naira abuse have also led to disciplinary actions, as seen in the suspension of the Olu of Owode in Ogun State by the Egba Traditional Council over allegations of currency misuse.

The suspension of the Olu of Owode underscores the consequences of disregarding laws governing the use of the Nigerian currency. The royal father’s actions, which involved decorating a musician with knitted new notes of N1000, were deemed as a public degradation of the currency, violating regulations set by the Central Bank of Nigeria. As authorities and traditional councils alike take steps to address these issues, the EFCC’s task force aims to curb illegal forex trading and promote compliance with currency regulations to safeguard Nigeria’s financial stability.


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