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EFCC Orders Task Force to Tackle Illegal Forex Trading

The Economic and Financial Crimes Commission (EFCC) has set up a task force aimed at addressing the issues of illegal forex trading and misuse of the Nigerian currency, the naira.

This move comes amidst the ongoing decline of the naira's value against the US dollar. Data from the financial market infrastructure group FMDQ indicates that the naira fell to N1,537.96 per US dollar on Friday from N1,498.25 on Thursday.

Previously, the EFCC has made arrests related to illegal forex trading and misuse of the naira. In December 2022, the commission apprehended 87 forex dealers across locations such as the Federal Capital Territory, Abuja, Lagos, and Kano. During these operations, EFCC investigators searched the dealers' premises for hoarded dollars and naira.

Additionally, in February, the EFCC successfully prosecuted and sentenced a Nigerian actress, Oluwadarasimi Omoseyin, to six months in prison for spraying and stepping on Naira notes. The sentencing included an option of paying a fine of N300,000 into the federal government's consolidated revenue account.

To further address these crimes, the EFCC has urged the public to report instances of illegal forex trading and naira abuse. Contact numbers have been provided for the EFCC's task force.

Meanwhile, the Olu of Owode in Obafemi/Owode Local Government of Ogun State, Oba Kolawole Sowemimo, has confirmed his suspension for two months without pay by the Egba Traditional Council. This suspension follows allegations of naira abuse. The Oba acknowledged his wrongdoing and accepted the council's decision during a meeting where the suspension was announced. The incident leading to his suspension involved the Oba decorating the popular Fuji musician, Wasiu Ayinde, with knitted new N1000 notes in a viral video from early January.

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