EFCC Arrests Abuja Currency Speculator Over Naira Fall

EFCC Arrests Abuja Currency Speculator Over Naira Fall

Operatives of the Economic and Financial Crimes Commission (EFCC), have arrested one Mustapha Muhammed also known as Mustapaha Naira, in Abuja, over the speculation of currency.

In a statement in which Muhammed’s arrest was disclosed, the anti-graft agency noted that the former was nabbed on Saturday, November 12, 2022, in the Wuse area of the Federal Capital Territory (FCT).

Revealing why Muhammed’s arrest was a necessity, the commission said it was to demonstrate its commitment to sanitise the foreign exchange sector.

The statement read: “As part of its ongoing operation to sanitise the foreign exchange sector and rid it of speculators and all shades of economic saboteurs, the EFCC has arrested one Mustapha Muhammed alias Muaspaha Naira.

“He was picked up by operatives of the commission on Saturday, November 12, 2022, at Wuse Zone 4, the hub of parallel market operations in the Federal Capital Territory.

“The suspect has made useful statement while the investigation continues.”

BizWatch Nigeria understands that Mustapha’s arrest follows the EFCC’s plan to extended its clampdown on Bureau De Change (BDC) operators to Lagos, Abuja, and Kano.

In continuation of its onslaught against BDC operators over the current dollar crisis in Nigeria, operatives of the anti-graft agency on Wednesday, November 2, 2022, stormed several forex trading hubs in the aforementioned states, ransacking their vaults for the stash of dollars and naira.

The EFCC operatives later arrested no fewer than 25 legal and illegal forex dealers in addition to the 40 people arrested on Tuesday, November 1, during a raid of the Zone 4 Wuse offices of the Association of Bureau de Change Operators (ABCON), bringing the number of arrests in the Federal Capital Territory to 65.

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