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Naira vs Dollar: EFCC resumes clampdown on Binance, other cryptocurrency platforms - DAILY POST

APRIL 22, 2024

By Ogaga Ariemu

The Economic and Financial Crime Commission, EFCC, has continued its crackdown on Binance and other cryptocurrency platforms amid the recent marginal surge of the Dollar against the Naira in the foreign exchange market.

The spokesperson for the EFCC, Dele Oyewale, confirmed the crackdown.

He said that the Commission was doing everything lawful to ensure sanity within the country’s forex market.

DAILY POST reports that Naira dropped three times against the Dollar last week in the foreign exchange market after months of sustained appreciation.

Reacting to the Development, Oyewale said, “The commission is doing everything within the ambit of the law to ensure that there’s sanity in the Nigerian foreign exchange market.”

The Commission recently took over the case of Binance’s alleged fraud offence from the office of the National Security Adviser, who had since February 26 held two of the firms’ executives, Nadeem Anjarwalla and Tigran Gambrayan, in custody.

However, Nadeem Anjarwalla escaped from custody in Nigeria in March.

While the Nigerian government vowed to extradite Anjawalla, Gambrayan was arraigned in court in April for alleged tax invasion.

The government had consistently blamed currency speculators in cryptocurrency platforms as the Dollar rose against the Naira.


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