Based on information from Punch’s article, the Economic and Financial Crimes Commission (EFCC) is intensifying its efforts against individuals and cryptocurrency platforms suspected of breaking Nigerian naira regulations. This action goes beyond Binance and encompasses all crypto exchanges and related groups, often involving market manipulation.
According to insiders at the Economic and Financial Crimes Commission (EFCC), the organization intends to bring stability to Nigeria’s foreign exchange market by cracking down on individuals who engage in unlawful currency speculation. EFCC’s media head, Dele Oyewale, confirmed that the commission remains committed to halting any illicit actions that could potentially disrupt Nigeria’s currency market.
Market analysts identified two significant influences on the Naira’s exchange rate fluctuations in the foreign exchange market. These factors were attributed to the substantial dollar transactions of commercial banks. Some experts hypothesized that these increased dealings could be linked to speculative activities occurring on Peer-to-Peer (P2P) trading platforms.
BDC dealers frequently voiced concerns over alleged manipulation in the foreign exchange market and advocated for regulatory action from the Central Bank of Nigeria (CBN). The head of the Association of Nigerian Bureaux De Change Operators clarified that BDCs weren’t responsible for the current instability in the forex market. He highlighted that interbank transactions and the resulting increase in the value of the dollar were not related to BDC services.
An economist pointed out that security agencies are taking additional steps to ensure safety beyond Binance. Yet, the National Security Advisor’s office declined to comment on this matter when approached by journalists.
Read More
- Ludus promo codes (April 2025)
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- ZEREBRO PREDICTION. ZEREBRO cryptocurrency
- DEEP PREDICTION. DEEP cryptocurrency
- Grimguard Tactics tier list – Ranking the main classes
- Mini Heroes Magic Throne tier list
- Maiden Academy tier list
- Fortress Saga tier list – Ranking every hero
- Seven Deadly Sins Idle tier list and a reroll guide
- YouTuber Ms. Rachel Is Headed To Netflix, And I Think Parents Should Be Thrilled For One Big Reason
2024-04-21 05:40