The Sunday PUNCH has gathered that the Economic and Financial Crimes Commission (EFCC) is intensifying its efforts to crack down on currency speculators and cryptocurrency platforms that are manipulating the naira.

According to reliable sources within the commission, the EFCC’s scope extends beyond Binance to include all cryptocurrency platforms involved in manipulating the Nigerian foreign exchange market, aiming to stabilize the forex market in Nigeria.

One source emphasized the EFCC’s pursuit of all currency speculators to bring stability to the Nigerian forex market, while another highlighted the commission’s actions against various cryptocurrency compliance entities and exchanges, which have contributed to market stabilization.

In response to inquiries, the EFCC spokesperson, Dele Oyewale, affirmed that the commission is committed to upholding legality in ensuring stability within the country’s forex market.

Meanwhile, foreign exchange market analysts noted a slight increase in the dollar’s value against the naira between Wednesday and Friday, attributed to interbank activities among commercial banks.

A market analyst, Agba Akin, pointed out the resurgence of dollar speculation on P2P trading platforms, impacting the exchange rates. The call for regulatory intervention was echoed by a BDC operator, Yasir Arafat Jubril, emphasizing the need for the CBN to address speculative activities across all platforms.

Almustapha Muhammed, the Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, clarified that the recent dollar appreciation was not instigated by BDCs but rather resulted from interbank transactions by commercial banks, highlighting the disparity between parallel and official market rates.

Furthermore, an economist known as Opeoluwa mentioned the security agency’s awareness of the situation, indicating a proactive stance in addressing the perceived threat, similar to the approach taken towards Binance.

Efforts to reach the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, were unsuccessful at the time of contact.