On Wednesday, the naira experienced a further depreciation at the official market, trading at N1,308.52 to the dollar. Data sourced from the official trading platform of the FMDQ Exchange indicated a loss of N8.37, representing a 0.64% decrease compared to the previous trading session on April 23, when it stood at N1,300.15 to a dollar.
Despite sustained reforms by the Central Bank of Nigeria (CBN) that previously led to the steady appreciation of the naira, the local currency witnessed a recent downturn lasting four days.
In conjunction with the CBN’s efforts, the Economic and Financial Crimes Commission (EFCC) took proactive measures by freezing over 300 accounts associated with illicit forex trading. This move aimed to safeguard the integrity of the foreign exchange market and prevent destabilization.
During an interactive meeting with media executives in Abuja, EFCC Chairman Ola Olukoyede disclosed the freezing of these accounts and highlighted the discovery of another illicit scheme beyond the crypto trading platform, Binance. He emphasized that individuals within the system were engaged in activities surpassing the scope of Binance using peer-to-peer (P2P) platforms.
Olukoyede further cautioned that the existence of these 300 illicit accounts posed a substantial risk to the stability of the naira, potentially eroding the gains achieved over weeks within a short period. The EFCC’s intervention aimed to mitigate these threats and maintain the integrity of Nigeria’s currency and financial system.
