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EFCC Raids Currency Speculators As Naira Plummets To 1,520/$: Crackdown Intensifies Amidst Currency Crisis

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EFCC Raids Currency Speculators As Naira Plummets To 1,520/$: Crackdown Intensifies Amidst Currency Crisis
The Economic Financial Crimes Commission (EFCC) has escalated its crackdown on currency speculators across major cities in Nigeria as the naira witnessed a sharp decline to 1,520 against the United States dollar. In a coordinated operation, EFCC operatives raided Bureau De Change (BDC) operators in Abuja, Lagos, Kano, and Port Harcourt, underscoring the government’s determination to address the currency’s recent freefall.....KINDLY READ THE FULL STORY HERE▶

The raids come amidst growing concerns over the naira’s sustained depreciation, attributed in part to activities in the forex and cryptocurrency markets. The government has accused currency speculators of exacerbating the naira’s decline, with recent arrests targeting individuals allegedly involved in speculative trading against the national currency.

Reports indicate that EFCC operatives targeted both street traders and registered BDC operators in their latest crackdown. The operations disrupted market activities and heightened fears among currency traders, leading to a cautious approach to trading. Traders in Abuja, Lagos, Port Harcourt, and Kano reported increased apprehension following the raids, reflecting the prevailing uncertainty in the forex market.

The naira’s exchange rate further deteriorated, reaching 1,520/$ at the parallel market, representing a significant depreciation compared to previous rates. The official foreign exchange market also witnessed a decline, with the naira quoted at 1,520 against the dollar, marking the first time the official rate closed above 1,500/$1 since March 19, 2024.

The recent depreciation follows a period of relative stability in April 2024, attributed to Central Bank interventions aimed at curbing speculation on the naira. However, the currency’s resurgence has been short-lived, with renewed pressures stemming from a shortage of dollars and reduced foreign portfolio investments.

Economists warn that the naira’s volatility underscores broader challenges in Nigeria’s FX liquidity and macroeconomic environment. Faith Iyoha, an economist at the Nigerian Economist Summit Group, emphasizes the need for increased FX liquidity through exports and foreign capital inflows to stabilize the currency effectively.

Meanwhile, industry stakeholders express concerns over the adverse impact of the naira’s depreciation on businesses and consumers. Manufacturers, faced with rising import costs, may be compelled to adjust prices to reflect prevailing exchange rates, exacerbating inflationary pressures.

In response to the currency crisis, government and business leaders call for concerted efforts to stabilize the naira and restore investor confidence. The Lagos Chamber of Commerce and Industry (LCCI) underscores the importance of addressing the underlying factors driving exchange rate volatility, emphasizing the need for policy consistency and improved FX inflows.

As the government intensifies efforts to combat currency speculation and restore stability to the forex market, the fate of the naira remains uncertain amidst mounting economic challenges and global uncertainties. With foreign portfolio outflows reaching alarming levels, Nigeria faces a daunting task in reviving investor confidence and steering the economy towards sustainable growth and stability.

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Crime

Disguised Evil: Police Nab ‘Fake Okada Rider’ Terrorizing Bauchi In Shocking Spree Of Kidnapping, Rape, And Robbery!.

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The Bauchi State Police Command has apprehended a 53-year-old resident of Igbo Quarters, Bauchi, named Gambo Hassan (also known as “Anahaka”), on allegations of involvement in kidnapping, rape, armed robbery, and the unlawful possession of weapons within the Bauchi metropolis.....KINDLY READ THE FULL STORY HERE▶

Operatives from the ‘B’ Division, GRA, arrested Hassan around 8:45 p.m. on September 11, 2026, during a routine patrol on Adamu Jumba Road. According to police reports, the suspect allegedly operated as a fake commercial motorcyclist during evening hours to prey on vulnerable passengers, particularly women. At the time of his arrest, he was riding a Bajaj motorcycle (registration number BAU 150G), wearing a fez cap and a black face mask, and was found in possession of a sharp knife.

Initial interrogation led the suspect to identify 15 women as victims of his alleged crimes, a number that police stated later rose to 35. Following these confessions, detectives executed a search warrant at his home and recovered numerous items believed to be proceeds of crime, including:

  • 15 assorted mobile phones

  • 3 power banks

  • 6 women’s wristwatches

  • 6 assorted native caps

  • 5 bundles of women’s wrappers

  • 3 women’s hijabs

  • ₦425,435 in cash, alongside Turkish and Kenyan currency notes

The suspect and all recovered exhibits have been moved to the State Criminal Investigation Department (SCID) in Bauchi for further investigation and prosecution.

State Commissioner of Police Sani-Omolori Aliyu praised the officers for their vigilance, while the command’s spokesperson, SP Nafiu Habib, encouraged anyone who may have fallen victim to the suspect to come forward with information to support the ongoing investigation.

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Crime

CRIME TSUNAMI: Kidnappers Pocket A Staggering ₦7.7 Billion Across The Country In Mind-Blowing Report!.

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A report by SBM Intelligence titled Economics of Nigeria’s Kidnap Industry 2026 reveals that kidnappers across Nigeria amassed a staggering ₦7.779 billion in ransoms between July 2025 and June 2026, which accounts for 34 percent of the total ₦22.856 billion demanded during that timeframe. Although total demands decreased from the previous cycle’s ₦48 billion (which was inflated by a massive ₦30 billion demand in Delta State), the proportion of actual ransom collected surged dramatically compared to the prior period’s 5.35 percent. This year’s record payments were heavily propelled by large-scale mass abductions capable of holding hundreds of victims under intense pressure.....KINDLY READ THE FULL STORY HERE▶

Terrorist and insurgent factions dominated the collections, with the JAS faction and its affiliates raking in roughly ₦7 billion—accounting for about 90 percent of nationwide ransom payouts. This total was driven primarily by two massive incidents:

  • A ₦5 billion ransom reportedly paid following the April 2026 abduction of 416 people in Ngoshe, Borno State, led by commander Ali Ngulde, marking the largest single ransom payment in SBM’s database.

  • An estimated ₦2 billion payout following the November 2025 kidnapping of 315 pupils and staff members from St Mary’s School in Papiri, Niger State.

Beyond these major terrorist-linked factions, unaffiliated kidnappers and bandits collected ₦719.4 million (about nine percent of total payments), while the Islamic State West Africa Province (ISWAP) secured ₦53 million.

Geographically, Kwara State registered the highest ransom demands at ₦7.375 billion (32.3 percent of the national total, largely driven by a ₦3.52 billion demand linked to Boko Haram activity around Woro and Wawa), followed by Borno at ₦5.698 billion and Kaduna at ₦1.459 billion. However, when looking at actual payouts, Borno led the country with ₦5.0545 billion collected, trailed by Niger (₦2 billion), Kwara (₦278.3 million), Kaduna (₦64 million), and Sokoto (₦58 million), with these five states alone accounting for 95.8 percent of nationwide ransom collections. Conversely, states like Kebbi, Abia, Akwa Ibom, Sokoto, and Imo saw much lower demands, and minimal payouts—such as ₦70,000 in Cross River or ₦100,000 in Bauchi—often represented token settlements or arrangements finalized with supplies and food rather than large cash sums.

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Crime

BETRAYAL OF TRUST: Man Given Free Shelter Allegedly Sells Benefactor’s House And Scams Cleric Of ₦13.6 Million.

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The Economic and Financial Crimes Commission (EFCC) has arraigned Yusuf Oyepeju before the Oyo State High Court sitting in Ibadan. Oyepeju appeared alongside two corporate entities—Alwajeez International Nigeria Limited and AIN Homes and Property Limited—to face a six-count charge encompassing forgery, document uttering, theft by conversion, and obtaining money under false pretenses.....KINDLY READ THE FULL STORY HERE▶

According to a statement released in Ibadan on Wednesday by EFCC’s Head of Media and Publicity, Dele Oyewale, the case stems from a relationship that began on an Islamic WhatsApp educational platform where both Oyepeju and the victim, Fasasi Bayonle, served as tutors. Bayonle, an Islamic cleric based in Dubai, eventually fell victim to a severe betrayal of trust.

From Benefactor to Alleged Victim

Investigations revealed that the saga began in 2018 when Oyepeju approached Bayonle seeking financial assistance for accommodation after getting married. Rather than a cash handout, Bayonle permitted Oyepeju to temporarily move into his vacant property located at the Ikumapayi area of Olodo, Ibadan, before relocating to the UAE.

Authorities stated that Oyepeju, posing as a property developer, subsequently convinced Bayonle to fund land purchases and housing construction projects in Ibadan, transferring a total of ₦8,697,900 between February and August 2020. However, the arrangement turned sour when Oyepeju allegedly forged a “Transfer of Agreement,” sold the very house he was given to live in for free to companies linked to him, and converted the proceeds. Investigators also discovered that he never purchased or developed the promised land.

Court Proceedings and Remand

Appearing before Justice Olusola Adetujoye, Oyepeju pleaded not guilty to all charges. Following his plea, prosecuting counsel Sanusi Galadanchi requested a trial date and asked that the defendant be remanded. Meanwhile, defense counsel B. Ajibola informed the court that a bail application had already been filed and served.

Justice Adetujoye adjourned the proceedings for the hearing of the bail application and ordered that Oyepeju be remanded at the Agodi Correctional Centre, Ibadan, pending the next court date.

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