“Chukkol said that the raid of currency speculators in the parallel market was not indiscriminate but a product of intelligence, stressing that forex manipulation was a major economic crime against the Nigerian state”
PEGASUS REPORTERS, LAGOS | NOVEMBER 16, 2022
The Economic and Financial Crimes Commission (EFCC) has announced the seizure of large foreign currencies from Nigerians at airports in a revelation made by the Director of Operations, Abdulkarim Chukkol during the Good Morning Nigeria program NTA.
Given the reason for the raid in strategic point by his men, Chukkol said money laundering was the reason some Bureau De Change (BDC) operators were recently arrested in Lagos and Abuja and assured that the commission would continue with its efforts to clean up the foreign exchange sub-sector.
Chukkol said that the raid of currency speculators in the parallel market was not indiscriminate but a product of intelligence, stressing that forex manipulation was a major economic crime against the Nigerian state.
The EFCC said it had been deploying agents to airports for over a decade to stop bulk cash movement out of the country.
“Many arrests of cash smugglers have been made and humongous sums in foreign currencies recovered.
“Some were arrested with excess of $6million, others with $2million.
“We know these huge sums were not meant to be used in buying goods but stolen monies being laundered.”
The director also confirmed that the EFCC secured the forfeiture of the monies to the federal government and prosecuted the culprits.
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