In the current context of the Nigerian economy, the announcement by the Economic and Financial Crimes Commission (EFCC) of a crackdown against currency mutilation and unauthorized dollarization of the economy deserves particular attention. The move follows a series of arrests of around 50 individuals, as part of a broader fight to stem the harmful practice of currency mutilation and the destabilization of Nigeria’s economy.
The rapid depreciation of the naira prompted the EFCC to set up a Special Force through its zonal commands, to combat practices detrimental to the Nigerian currency and the economy.
Commission spokesperson Dele Oyewale outlined the objectives of the initiative in a statement issued on Wednesday, February 7, 2024.
“In order to protect the economy from abuses, leakages and distortions that expose it to instability and disruption, the EFCC inaugurated a Special Force in all its zonal commands to enforce laws against mutilation of currency and the dollarization of the economy,” Oyewale announced.
This repression is in response to the harmful effects of illegal currency exchange operations on the naira.
Dayyabu Mistila, a Bureau de Change (BDC) operator interviewed by ThePunch, indicated that the EFCC operations targeted their activities due to their alleged role in the rise in the exchange rates of the dollar against the naira in the market. parallel.
“At around 3 p.m., Monday, EFCC operatives raided Wuse Zone 4 and arrested over 50 of our members, accusing us of being responsible for the rise in the dollar exchange rate in the market parallel,” explained Mistila.
This action by the EFCC demonstrates the authorities’ commitment to protecting the national currency and preserving Nigeri’s economic stability