200 suspected currency speculators have been arrested by the Economic and Financial Crime Commission (EFCC) over foreign exchange scams and manipulation of the financial markets.
It was revealed that the over 200 suspects arrested by the EFCC for forex scam and currency speculation were apprehended in various states in the country and not just the FCT, Abuja
The arrest of the Bureau de change agents was confirmed by the spokesperson for the EFCC, Dele Oyewale.
“I can confirm that we have arrested over 200 people for foreign exchange scam and manipulation of the financial markets; they are all being interrogated by our investigators to determine the degrees of their involvements. Most of them were arrested in Abuja, Lagos, Rivers, and Kano States,” he said.
It was also added that the clampdown on the forex scammers would yield positive results. Many of them have been arrested, and they will face the consequences of their actions.
The raid of the BDC operators is part of the Federal Government’s efforts to tame the free fall of the local currency
The government blamed the actions of speculators in the forex market and digital marketing sphere for the significant depreciation of the naira.
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