Naira vs Dollar: EFCC resumes crackdown on Binance and other crypto platforms

The EFCC, led by spokesperson Dele Oyewale, has intensified its efforts to crack down on cryptocurrency platforms like Binance in response to the recent increase in the Dollar’s value compared to the Naira in the foreign exchange market.

Naira experienced a significant decline against the Dollar multiple times last week, following a period of sustained growth.

Oyewale emphasized that the Commission is committed to upholding the law and ensuring stability in Nigeria’s forex market, taking necessary actions to combat any fraudulent activities.

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The EFCC has taken over the investigation into Binance’s alleged fraudulent activities, previously handled by the National Security Adviser, resulting in the detention of two executives, Nadeem Anjarwalla and Tigran Gambrayan.

Anjarwalla managed to escape custody in Nigeria, while Gambrayan faced charges of tax evasion in court in April.

The Nigerian government has consistently pointed fingers at currency speculators on cryptocurrency platforms for the rise in the Dollar’s value against the Naira, showing a firm stance against such activities.