Business & Economy News

EFCC to enforce laws against dollarization of the economy, Naira Mutilation

The Economic and Financial Crimes Commission (EFCC) has set up a task force to enforce extant laws against currency mutilation and dollarization of the economy.

This is contained in a statement by the commission posted on its official X (formerly Twitter) account on Wednesday, February 7, 2024.

According to the statement, the anti-graft agency has set up the task force in all its zonal commands as an attempt to protect the economy from abuses, leakages and distortions exposing it to instability and disruption.

The commission also noted that it has arrested some perpetrators of issuance of invoices in dollars and mutilation of the Naira in Lagos and Port Harcourt.

  • “The Economic and Financial Crimes Commission, EFCC, has raised a Special Task Force in all its Zonal Commands for the enforcement of extant laws against currency mutilation and dollarization of the economy.
  • “The Task Force, inaugurated by the Executive Chairman of the Commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption.
  • “Already, the Commission has made some arrests of perpetrators of issuance of invoices in dollars and mutilation of the Naira in Lagos and Port Harcourt,” the statement reads in part.

In addition, the anti-corruption agency also mentioned that it has extended invitations to private universities and other institutions of higher learning that charge fees in dollars.

It said,

  • “Also, proprietors of private Universities and other institutions of higher learning charging fees in dollars have been invited by the Commission.
  • “The Commission is committed to the enforcement of all laws in place for the reflation and stimulation of the economy.”

What you should know

  • The illiquidity in the foreign exchange market has contributed to the absence of confidence in the Naira as many Nigerians and companies prefer to make their transactions in dollar.
  • The Naira lost over 100% of Its value since June 2023 after the introduction of FX unification policy.
  • Meanwhile, the CBN governor, Yemi Cardoso, said Nigerians’ foreign trips as well as medical tourism amounting to about $98 million in a decade have been added a lot pressure on the foreign exchange in the country.
  • According to Cardoso, the Naira is undervalued, adding that once confidence is restored in the FX market, the currency will begin to rise against the dollar.

Source: Nairametrics

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