According to a report from Punch, the Economic and Financial Crimes Commission (EFCC) has continued the war on speculators and cryptocurrency platforms that are thought to have violated the Nigerian naira. This extends beyond Binance and covers all these crypto exchanges and groups, commonly involving market manipulation.
EFCC sources state that the commission aims to stabilize the Nigerian forex market by targeting currency speculators for all parties. EFCC’s head of media, Dele Oyewale confirmed the commission’s continuous efforts of stopping illegal activities that can affect Nigeria’s currency market.
Two major forces in the foreign exchange rate movement of the naira were noted by market analysts as the large dollar-denominated transactions of commercial banks. Some analysts seemed to believe that this rise in their mining was related to the speculation activities in P2P trading platforms.
BDC dealers indeed commonly complained of speculative manipulation and suggested that the CBN should move to regulate the market. The Chairman of the Association of Bureaux De Change Operators of Nigeria confirmed that BDCs aren’t causing the current forex market instability. He emphasized the interbank operation and the effect of the rise of the dollar as the consistent exchange, was not part of the BDC facilities.
An economist showed that the security agencies are working towards establishing the situation further, which may imply that there’ll be some extra measures in the future aside from Binance. However, an official service of the National Security Advisor remained muted when the issue was brought to the notice of media personnel.
Also read: Binance stops supporting Nigerian naira amid regulatory issues
