Crime
EFCC Raids Currency Speculators As Naira Plummets To 1,520/$: Crackdown Intensifies Amidst Currency Crisis
EFCC Raids Currency Speculators As Naira Plummets To 1,520/$: 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.
Crime
Woman poisons Her Co-wife’s Two Children In Niger State, One Passes Away
The Niger State Police Command has arrested a woman identified as Mariya Abdullahi over the alleged poisoning of her co-wife’s two children.....KINDLY READ THE FULL STORY HERE▶
The incident reportedly occurred on Friday, November 6, 2026, in Takuti community, Lapai Local Government Area of Niger State.
The victims, aged four and nine, were said to have consumed a substance suspected to be poisonous from a cup allegedly given to them by Abdullahi.
One of the children reportedly died shortly after drinking the substance, while the other was rushed to a general hospital, where she is currently receiving treatment.
The Police Public Relations Officer in the state, SP Wasiu Abiodun, confirmed the incident in a statement issued on Saturday.
According to Abiodun, the suspect allegedly confessed to the crime, claiming that a friend influenced her to poison the children because she could not have a child for her husband.
The police statement read: “On 6th November, 2026 at about 6am, a report was received in Lapai Div that one Mariya Abdullahi of Takuti via Lapai administered some substance suspected to be poison to the children of her co-wife.
“The Police operatives moved to the scene, discovered the two children who were 9 & 4yrs, were given the substance to drink, and as a result, they became unconscious.
“They were immediately rushed to a nearby clinic, but on arrival at the clinic, one of the victims gave up the ghost and the other was referred to the general hospital responding to the treatment.
“The suspect was arrested, undergoing further interrogation. She claimed that she was influenced by a friend to commit the act because she couldn’t bear a child for the husband.
“She will soon be transferred to SCID Minna for diligent prosecution.”
The command added that Abdullahi would be transferred to the State Criminal Investigation Department (SCID) in Minna for further investigation and prosecution.
Crime
‘Please Forgive Us’ – Suspects in Corps Members’ Abduction Plead For Mercy.
Two men standing trial over the abduction of 20 prospective members of the National Youth Service Corps (NYSC) in Imo State have admitted that they voluntarily made the written and recorded confessional statements presented by the Department of State Services (DSS).....KINDLY READ THE FULL STORY HERE▶
The defendants, Usman Aliyu and Babangida Aliyu, who are the first and second accused persons, made the admission on Thursday during cross-examination at the resumed hearing of the case.
Both men confirmed that they willingly gave the audio-visual statements and thumbprinted the written confessions in the presence of their lawyers.
The DSS had tendered the statements as evidence, and the court admitted them during the proceedings.
Despite confirming the statements, the defendants appealed to the court for forgiveness and asked to be released. They had earlier made a similar plea while opening their defence and giving evidence on their own behalf.
The two men are facing charges bordering on conspiracy, hostage-taking and unlawful possession of firearms over the alleged abduction.
Meanwhile, proceedings also continued in a separate case involving two defendants accused of conspiracy, kidnapping and unlawful possession of firearms.
During the hearing, a prosecution witness identified the defendants as the individuals who allegedly abducted him for ransom in Imo State on October 4, 2026.
At the end of Thursday’s proceedings, Justice Emeka Orafu adjourned both cases until November 6 for further hearing.
Crime
BREAKING: FBI Nabs Six Most-Wanted Fraud Suspects In Major International Crackdown.
The United States Federal Bureau of Investigation (FBI) has arrested six individuals on its most-wanted fraudsters list following operations conducted across four continents.....KINDLY READ THE FULL STORY HERE▶
The suspects were apprehended over allegations involving various fraudulent activities, according to FBI Director Kash Patel, who announced the development in a post on X on Sunday.
Patel disclosed that the arrests, alongside other enforcement operations, contributed to the seizure of assets worth approximately $17 billion.
He praised the FBI’s international fugitive-tracking efforts and its ongoing campaign against global scam centres, known as Operation Blackout.
According to the FBI director, the six fugitives had collectively spent more than 4,000 days evading arrest.
Patel said the suspects had apparently believed that leaving the United States and going into hiding abroad would place them beyond the reach of American law enforcement authorities.
“They were wrong,” he wrote, stressing that the FBI and its international partners would continue pursuing individuals accused of defrauding Americans, regardless of where they attempted to hide.
In a separate update on Operation Blackout, Patel revealed that the broader campaign had resulted in the seizure of nearly $17 billion, the arrest of hundreds of suspected fraudsters and the rescue of thousands of trafficked workers.
The operation has also involved raids on suspected scam centres, the disruption of online infrastructure used to facilitate fraudulent activities and efforts to identify individuals trafficked into working for criminal networks.
Patel further disclosed that more than 10,000 Americans had received warnings before losing their money, helping to prevent estimated financial losses of about $670 million.
“We’re not just investigating these criminal enterprises.
“We’re dismantling their networks, disrupting their finances, rescuing victims, and holding those responsible accountable,” he said.
The FBI director described the scam centres as criminal enterprises that exploit vulnerable individuals while targeting Americans through international fraud schemes.
He maintained that the agency would continue its efforts to bring those responsible to justice.
“To every criminal organization targeting Americans: Justice will find you,” Patel added.
Full List Of The Six Arrested Suspects
According to the FBI, the individuals arrested are:
- Manjit Singh Bedi
- Elaine Agene Esco
- Khalid Ahmed Satary
- Herbert Leon Kimble
- Sahid Abdullahi Ereg
- Emylee Thai
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