The EFCC, also known as the Economic and Financial Crime Commission, is intensifying its crackdown on Binance and other cryptocurrency platforms amidst the recent slight increase in the value of the Dollar compared to the Naira in the foreign exchange market.

Dele Oyewale, the spokesperson for the EFCC, has verified this ongoing crackdown, emphasizing that the Commission is diligently working within the boundaries of the law to maintain order in the nation’s forex market.

In a recent development, the Naira experienced a decline against the Dollar three times last week in the foreign exchange market after a prolonged period of appreciation.

Addressing this issue, Oyewale stated, “The commission is taking all necessary legal measures to promote stability in the Nigerian foreign exchange market.”

The EFCC has now taken charge of the investigation into Binance’s alleged fraudulent activities, a case previously under the jurisdiction of the National Security Adviser. Since February 26, two executives of the firm, Nadeem Anjarwalla and Tigran Gambrayan, were detained by the authorities. However, Anjarwalla managed to escape custody in Nigeria in March.

Despite the escape, the Nigerian government has expressed its commitment to extradite Anjarwalla. Meanwhile, Gambrayan was brought before the court in April on charges of tax evasion.

The government has consistently attributed the rise of the Dollar against the Naira to currency speculators operating within cryptocurrency platforms.