EFCC blocks 300 FX accounts To Control Further Depreciation Naira — Olukoyede

Ola Olukoyede

ACCORDING to Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), the organization has frozen three hundred (300) illicit currency trading accounts in an effort to stop the naira's depreciation.

He revealed this to journalists during an interactive session in Abuja on Tuesday, April 23, 2024.

The Naira's stability has been seriously threatened by the illegal financial trading technique known as “P to P” (peer to peer) accounts.

Olukoyede underlined that this illegal trading would have caused serious harm to the foreign exchange market and accelerated the naira's depreciation if it had continued unchecked.

He said, “Over 300 accounts, in illicit forex trading that would have led to another crash in the next one week if we hadn't moved in quickly.

“We got an order to freeze those accounts. Somebody would come and asked us 'what is your business with forex transactions? Some people are happy, they take pleasure in seeing this country boiling and I've come to realise that in the course of this work, some people want to see things go bad! From bad to worse!”