Toba Owojaiye reportingÂ
Abuja, NigeriaÂ
In response to the ongoing Forex crisis gripping Nigeria, the Economic and Financial Crimes Commission (EFCC) has rolled out a robust plan to combat the illegal trade of dollars.
Deploying a 7,000-strong special task force across its 14 zonal commands, the EFCC aims to stem the tide of dollar racketeering that has put immense pressure on the Nigerian naira.
Truth Live News gathered that, according to Dele Oyewale, the spokesperson for the EFCC, proprietors of private universities and other educational institutions have been summoned for charging tuition fees in dollars, a practice believed to exacerbate the devaluation of the naira.
This move comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, revealed alarming statistics to the House of Representatives. Nigerians have reportedly spent a staggering $98 billion on foreign education, healthcare, and personal travels over the past decade, significantly contributing to the depreciation of the naira.
Cardoso cited several factors fueling the Forex crisis, including speculative forex demand, insufficient forex reserves due to low remittance of crude oil earnings, increased capital outflows, and excess liquidity from fiscal activities. To address these challenges, a multifaceted strategy has been devised.
This includes unifying FX market segments, clearing outstanding FX obligations, adjusting operational mechanisms for Bureau De Change operators, enforcing Net Open Position limits for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.
Finance Minister Wale Edun has intervened, meeting with the CBN Governor and EFCC Chairman to strategize on stabilizing the naira. As part of their directive, Deposit Money Banks have been instructed to sell excess dollars by February 1, 2024, with a stern warning against hoarding foreign currencies.
While diverse opinions surround the EFCC’s actions, it stands as a pivotal initiative in tackling the economic challenges posed by dollar racketeering and working towards stabilizing Nigeria’s volatile exchange rate.