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The Economic and Financial Crimes Commission has continued to crackdown on currency as well as cryptocurrency platforms manipulating the naira amidst dollar.
It was reliably gathered that the commission has extend probe not only into Binance but every every cryptocurrency platform and others involved in the manipulation of the Nigerian foreign exchange market.
According to a source in the commission that pleaded anonymity, “The EFCC is going after all currency speculators to stabilise Nigerian forex. It is not only going after Binance but other cryptocurrency compliance and exchanges, this has been helping in stabilising the market.”
Reacting, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything pertinent and lawful to instill sanity within the country’s forex market.
“The commission is doing everything within the ambit of the law to ensure that there’s sanity in Nigerian the foreign exchange market,” he said.
Meanwhile, foreign exchange market analysts hinted of the rise of dollar as at last week slightly against the naira due to interbank moves of the commercial banks.
A money market analyst, Agba Akin, had on Friday posted a snapshot of the P2P trading platform on X, saying, “Since Wednesday, the dollar has started increasing again at BDC, here is why. The emergency lovers of Binance are back speculating on other P2P apps.
“They’ll keep adding N50 every day until they take it back to 2,500 which was their initial plan, and recoup their loss. CBN, act now.”
The Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, Almustapha Muhammed, confirmed the rise of dollar, adding that the association while it was true that the dollar gained during the week, the BDCs were not behind the currency fall.
He said, “Some people just want to put it at the BDCs. Actually what happened was that the dollar rose from the interbank rates and not from the BDCs. BDCs are parallel markets, while the banks are connected with the Federal Government’s official rate.
“CBN is giving us dollars at N1,101, but some commercial banks are doing interbank conversions. They convert from their accounts – domiciliary accounts and naira accounts. But the parallel markets are doing lower than the Federal Government.”
