According to a Punch article, the Economic and Financial Crimes Commission (EFCC) has continued its fight on speculators and cryptocurrencycurrency sites suspected of violating the Nigerian naira. This goes beyond Binance and includes all of the cryptocurrency exchanges and groups who frequently engage in market manipulation.
Market analysts identified two primary drivers driving the naira’s foreign currency rate movement: significant dollar-denominated transactions by commercial banks. Some observers appeared to feel that the increase in their mining was due to speculation activities on P2P trading platforms.
According to EFCC insiders, the agency intends to stabilize the Nigerian forex market by targeting currency speculators for the benefit of all parties involved. Dele Oyewale, EFCC’s head of media, affirmed the commission’s ongoing efforts to combat unlawful activities that threaten Nigeria’s currency market.
An economist stated that security officials are attempting to further establish the situation, which could mean that other measures will be implemented in the future in addition to Binance. When media people brought the situation to the attention of the National Security Advisor, his official service remained silent.
BDC dealers frequently complained about speculative manipulation and requested that the CBN intervene to regulate the market. The Chairman of the Association of Bureaux De Change Operators of Nigeria affirmed that BDCs are not to blame for the current forex market turbulence. He underlined interbank operations and the impact of the dollar’s increase, noting that stable exchange was not part of the BDC capabilities.
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