Report: Nigerian Anti-Graft Body Identifies Individuals Fueling the Naira's Rapid Depreciation
Nigeria’s Economic and Financial Crimes Commission recently claimed it had identified individuals and organizations whose rapid accumulation of U.S. dollars recently accelerated the depreciation of the local currency, a report said. According to Abdulrasheed Bawa, the EFCC chairman, his organization is currently going after foreign currency speculators in Kano, Lagos, Port Harcourt, Enugu, and Calabar.
The Central Bank of Nigeria blames Nigerian foreign currency speculators for causing the plunge of the local currency’s parallel market exchange rate against the U.S. dollar. As recentlyby Bitcoin.com News, the Nigerian currency plunged to an all-time low exchange rate of N710 per dollar. However, following the EFCC’s intervention, the naira rebounded and traded at around N650 for every dollar at the time of writing.Tags in this story
Lets see what it holds
Lol it has already lost it's value. They need to act fast
WAVES REACH 15$ soon
Why is nobody talkiingg about thiss.?