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EFCC freezes 300 forex accounts to prevent further naira depreciation — Olukoyede

The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede has revealed that the agency has frozen three hundred (300) illegal forex trading accounts in order  to curb the depreciation of the naira.

He disclosed this on Tuesday, 23rd April, 2024 at an interactive session with journalists in Abuja.

The trading accounts termed “P to P” (peer to peer) is an illicit financial trading scheme which has posed a severe threat to the stability of Naira.

Olukoyede emphasized that if left unchecked, this illicit trading would have imposed significant damage on the foreign exchange market, worsening the depreciation of the naira.

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!

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