Abdulrasheed Bawa spoke about his group’s efforts in helping the Nigerian naira stay strong and safeguarded. He is the Economic and Financial Crimes Commission or EFCC’s chairman.
The EFCC is an Abuja, Nigeria-headquartered law enforcement agency. It investigates money laundering, advance fee fraud or 419 fraud, and other financial crimes.
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Based on the report posted online by Nigerian news outlet, The Sun Nigeria, Bawa recently spoke at “Effective Reporting of Economic and Financial Crimes,” which is a workshop held in Abuja and the EFCC organized for journalists covering anti-corruption initiatives.
He cited that an achievement of his team is the effect their intervention in the forex market had on the Nigerian naira’s value.
After his commission’s intervention, the EFCC chairman pointed out that the West African country’s official currency had appreciated significantly against the US dollar in the parallel market.
Bawa remarked that such a feat ranges from over 710 Nigerian nairas to US$1. At the time of writing this forex news report, US$1 is equivalent to 420.34 Nigerian nairas, per the forex information posted on the foreign currency conversion website, Xe.com.
Bawa said they at the EFCC are not relenting in their efforts to curb damaging speculative activities in the forex sector.
Last Wednesday, August 17, 2022, the EFCC chairman also revealed how they intervened fast two weeks ago when some Bureau de Change were involved in forex manipulation.
Forex manipulation incidents in Nigeria have witnessed the local currency exchanging from more than 700 Nigerian nairas to US$1 on the black market.
Bawa did not provide further elaborate information. However, he relayed that his anti-graft agency’s intervention resulted in a drastic fall.
Bawa took over the EFCC from this commission’s disgraced former acting chairman Ibrahim Magu. He disclosed how his bureau had battled financial and economic crimes.
The EFCC chairman said that financial crimes’ prosecution in Nigeria was nearly inexistent before he took office.
Nevertheless, he said that matters had changed, and they would continue to revamp the system, which he believes is problematic.
Bawa also urged the people and the concerned agencies to be vigilant against forex manipulation and to protect the Nigerian naira.
He cited that it is in their collective interest as Nigerian citizens to have their national currency’s value not subject to dishonest speculators’ whims.
We feel pleased with the work of Mr. Abdulrasheed Bawa’s office – the Economic and Financial Crimes Commission.
We think the Nigerian people can depend on him and his team when it comes to safeguarding the Nigerian naira and the local forex market, considering their extensive efforts to curb forex manipulation in the West African country.