* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, July 26, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

    12 ‘Late Show’ Moments Proving Stephen Colbert Can’t Be Replaced – The Mountaineer

    12 Unforgettable ‘Late Show’ Moments That Prove Stephen Colbert Is Truly One of a Kind

    Canes owner Tom Dundon’s real estate firm eyes entertainment complex near RDU – The Business Journals

    Canes Owner Tom Dundon’s Real Estate Firm Unveils Plans for Thrilling New Entertainment Complex Near RDU

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    Sustainserv and Palau Announce Technology Partnership to Leverage Innovative AI Platform to Advance Sustainability Reporting – Business Wire

    Sustainserv and Palau Team Up to Transform Sustainability Reporting with Breakthrough AI Technology

    Morgan Adamski Joins PwC in Newly Created Cyber, Data & Technology Risk Division – HSToday

    Morgan Adamski Leads the Charge in PwC’s Cutting-Edge Cyber, Data & Technology Risk Division

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

    Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

    Black Box Players presents ‘The Three Musketeers’ – CBS 19 News

    Experience the Adventure: Black Box Players Bring ‘The Three Musketeers’ to Life!

    AP Entertainment SummaryBrief at 1:51 p.m. EDT – Channel 3000

    Entertainment Highlights: Key Updates You Can’t Miss

    ‘Devil Wears Prada 2’ casts Anne Hathaway’s love interest replacing Adrian Grenier’s Nate – Entertainment Weekly

    Devil Wears Prada 2′ Casts New Love Interest for Anne Hathaway, Replacing Adrian Grenier’s Nate

    12 ‘Late Show’ Moments Proving Stephen Colbert Can’t Be Replaced – The Mountaineer

    12 Unforgettable ‘Late Show’ Moments That Prove Stephen Colbert Is Truly One of a Kind

    Canes owner Tom Dundon’s real estate firm eyes entertainment complex near RDU – The Business Journals

    Canes Owner Tom Dundon’s Real Estate Firm Unveils Plans for Thrilling New Entertainment Complex Near RDU

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    WhoFi: New surveillance technology can track people by how they disrupt Wi-Fi signals – Tech Xplore

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco – GlobeNewswire

    Behind the Screens: The Impact of Technology on Real Estate – TRREB

    Behind the Screens: How Technology is Transforming the Future of Real Estate

    Sustainserv and Palau Announce Technology Partnership to Leverage Innovative AI Platform to Advance Sustainability Reporting – Business Wire

    Sustainserv and Palau Team Up to Transform Sustainability Reporting with Breakthrough AI Technology

    Morgan Adamski Joins PwC in Newly Created Cyber, Data & Technology Risk Division – HSToday

    Morgan Adamski Leads the Charge in PwC’s Cutting-Edge Cyber, Data & Technology Risk Division

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

EFCC 7,000-man Task Force Clamps Down on Dollar Racketeers

February 8, 2024
in Business
EFCC 7,000-man Task Force Clamps Down on Dollar Racketeers
Share on FacebookShare on Twitter

EFCCEFCC

FIRS

The Economic and Financial Crimes Commission has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

In a move to reduce the pressure on the naira, the spokesperson for the anti-graft agency, Dele Oyewale, in a statement on Wednesday in Abuja, said the commission had summoned the proprietors of private universities and other schools charging tuition in dollars.

The naira has been on a free fall against the dollar in the past weeks with the currency losing value against the greenback.

In the past weeks, the naira had plunged from about 900/dollar to over 1,400/dollar at the official market.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, who appeared before the House of Representatives on Tuesday, disclosed that Nigerians spent $98bn in 10 years on foreign education, healthcare and personal travels, which had impacted the naira.

He spoke against the backdrop of the central bank’s battle to stabilise the exchange rate amid dollar shortage.

Cardoso argued that the foreign exchange market was facing increased demand pressures, causing a continuous decline in the value of the naira.

According to him, factors contributing to this situation include speculative forex demand, inadequate forex due to low remittance of crude oil earnings to the CBN, increased capital outflows, and excess liquidity from fiscal activities.

To address exchange rate volatility, he said a comprehensive strategy had been initiated to enhance liquidity in the forex market.

This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

Cardoso revealed that between 200 and 2020, foreign education expenses amounted to a substantial $28.65bn, as per the CBN’S publicly available Balance of Payments Statistics.

Similarly, medical treatment abroad incurred around $11.01bn in costs during the same period. Within the same period, Personal Travel Allowances accounted for a total of $58.7bn.

Cumulatively, Nigerians spent about $98bn on foreign trips, medical tourism and overseas education, a figure the CBN governor said was more than the total foreign exchange reserves of the central bank.

Further compounding the situation, according to Cardoso, has been the consistent decline in Nigeria’s export earnings against the backdrop of increasing imports.

In contextualising the problem, Cardoso pointed out that Nigeria’s annual imports, which require dollars for payment, amounted to $16.65bn in 1980.

Worried by the development, the Finance Minister and Coordinating Minister for the Economy, Wale Edun, had last Friday met with the CBN Governor and the EFCC Chairman, Ola Olukoyede, to proffer solutions to the naira crisis.

The meeting, according to a statement signed by the Federal Ministry of Finance, was to strategise on stabilising the beleaguered currency.

“This afternoon at Finance HQ, HM Finance & Coordinating Minister for the Economy, Wale Edun, EFCC Chairman Ola Olukoyede and CBN Governor Olayemi Cardoso, engaged in a strategic discussion focused on enhancing the efficiency of our financial system and stabilising the naira,’’ the finance ministry posted on its X handle.

To strengthen the national currency and stabilise the nation’s volatile exchange rate, the CBN directed Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.

The CBN, which made the disclosure in a new circular released last week Wednesday, also warned lenders against hoarding excess foreign currencies for profit.

According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them to profit from the volatile movements of exchange rates.

The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.

In continuation of the targeted measures, the EFCC revealed it had set up a special task force to enforce the extant laws against currency mutilation and dollarisation of the economy.

It explained that it arrested some perpetrators issuing invoices in dollars and mutilating the naira in Lagos and Rivers States.

Zonal commands

Oyewale said, “The EFCC has raised a special task force in all its zonal commands for the enforcement of extant laws against currency mutilation and dollarization of the economy.

“The taskforce, inaugurated by the Executive Chairman of the commission, Ola Olukoyede, was raised to protect the economy from abuses, leakages and distortions exposing it to instability and disruption

“Already, the commission has made some arrests of perpetrators of issuance of invoices in dollars and mutilation of the naira in Lagos and Port Harcourt.

“Also, proprietors of private universities and other institutions of higher learning charging fees in dollars have been invited by the Commission.

“The commission is committed to the enforcement of all laws in place for the reflation and stimulation of the economy.”

The CBN Act, 2007, stipulates that the currency notes issued by the CBN “shall be the legal tender for the payment of any amount in Nigeria.”

Furthermore, the Act stipulates that any person(s) who contravenes this provision is guilty of an offence and shall be liable on conviction to a prescribed fine or six months imprisonment.

Meanwhile, report shows the EFCC special task force is operating in all its 14 commands with over 7,000 operatives or about 500 operatives in each command.

The zonal commands are Abuja, Benin, Enugu, Gombe, Ibadan, Ilorin, Kaduna, Kano, Lagos, Maiduguri, Makurdi, Port Harcourt, Sokoto and Uyo.

A source, who was not authorised to speak on the issue, revealed that all private universities and other tertiary institutions charging dollars and other foreign currencies in place of naira had been invited by the EFCC for a briefing, and sensitised on the fact that only the naira is a legal tender in Nigeria.

A second source, who declined to be named for confidential reasons, said the school proprietors would not be arrested by the EFCC unless they continued to violate the law by accepting foreign currency.

He stated, “The Special Task Force is operating in all our 14 commands, and we have about 500 operatives in each command’s task force; that equals over 7,000 operatives overall.

“We invited, quizzed, and sensitised all the proprietors of all private universities and other tertiary institutions charging dollars and other foreign currencies in place of naira.

“The aim of the sensitisation was for them to know about extant laws making only naira and kobo legal tenders in Nigeria, as opposed to dollar, pounds, or other foreign currency.

“However, none of the proprietors would be steered or prosecuted for now, unless they go ahead to keep charging in dollars or other foreign currencies.

However, the President of the Association of Foreign Airlines and Representatives in Nigeria, Dr Kingsley Nwokoma, said there was no cause for alarm, adding that the EFCC’s action would not affect his members.

But he asked banks to repatriate the trapped funds from tickets sold in naira.

Meanwhile, reacting to the development, the Director-General of the Nigeria Employers’ Consultative Association, Mr. Wale Oyerinde, said, “From what we’ve heard as contained in the CBN Act, dollarisation is an economic offence, so they are on point. It is not whether it will salvage the economy or not. Salvaging the economy requires a multifaceted approach and efforts.

Also speaking, a facilitator with the Nigerian Economic Summit Group, Dr. Ikenna Nwaosu, said, “The answer first would be that a doctor heal yourself. Many government agencies are still charging in foreign currency. If you look at the Nigerian Ports Authority, the Nigerian Maritime Administration and Safety Agency, most of their fees are in dollars for all their services. They issue invoices in dollars. So when your own government agencies have not stopped why are you telling individuals not to charge in dollars. So I can’t say whether it would work or not because they government is not complaint. If you want to do uniform let it get to everywhere. I want to add that if you are saying that you are promoting investment in the country, you have to lead by example.”

Also, the President, Association of Bureau De Change, Aminu Gwadabe, said it was illegal for businesses or individuals in Nigeria to demand payment in forex.

He noted that allowing such would further weaken the embattled naira.

“It is illegal to ask for payment of whatever sort in foreign currency here in Nigeria. The CBN already issued a circular to this effect. Allowing institutions to receive payment in dollars will further cause more damage to the naira which is already depreciating,” he said.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : EconomicConfidential – https://economicconfidential.com/2024/02/efcc-man-task-force/

Tags: businessClampsForce
Previous Post

FBN Holdings Reports N350bn FX Loss in 2023

Next Post

Explain In 7 Days How Over N100bn Gas Project Fund Was Disbursed – Senate To Edun

Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

July 25, 2025
From sports day to shelter: Thai family flees shelling from Cambodia – Reuters

From sports day to shelter: Thai family flees shelling from Cambodia – Reuters

July 25, 2025
When can we detect lianas from space? Toward a mechanistic understanding of liana-infested forest optics – ESA Journals

Unveiling Forest Canopies: How Satellite Technology Detects Lianas from Space

July 25, 2025
China launches world’s first robot that can run by itself 24/7 — watch it change its own batteries in unsettling new footage – Live Science

China launches world’s first robot that can run by itself 24/7 — watch it change its own batteries in unsettling new footage – Live Science

July 25, 2025
Enjoy Indoor Summer Fun at This Science Center in Rye, New Hampshire – Only In Your State

Discover Exciting Indoor Summer Adventures at This Science Center in Rye, New Hampshire

July 25, 2025
Superhero Lifestyle Collections – Trend Hunter

Discover the Ultimate Superhero Lifestyle Collections Transforming Everyday Living

July 25, 2025
How to watch Katie Ledecky at the 2025 World Swimming Championships – NBC Sports

Don’t Miss a Second: How to Watch Katie Ledecky Shine at the 2025 World Swimming Championships

July 25, 2025
Space Foundation Study: Space economy worth $600bn+ – news.satnews.com

Space Foundation Study: Space economy worth $600bn+ – news.satnews.com

July 25, 2025
City of Pelham announces entertainment district plans for former Oak Mountain Amphitheatre site – WVTM

Pelham Unveils Exciting New Entertainment District Plans for Former Oak Mountain Amphitheatre Site

July 25, 2025
Advocates talk benefits of single-payer health care in Greenfield forum – Athol Daily News

Advocates Highlight the Benefits of Single-Payer Health Care at Greenfield Forum

July 25, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (738)
  • Economy (762)
  • Entertainment (21,643)
  • General (16,102)
  • Health (9,800)
  • Lifestyle (770)
  • News (22,149)
  • People (764)
  • Politics (771)
  • Science (15,977)
  • Sports (21,260)
  • Technology (15,745)
  • World (745)

Recent News

Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

Validea’s Top Information Technology Stocks Based On Peter Lynch – 7/25/2025 – Nasdaq

July 25, 2025
From sports day to shelter: Thai family flees shelling from Cambodia – Reuters

From sports day to shelter: Thai family flees shelling from Cambodia – Reuters

July 25, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version