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Dollar rise: EFCC continues crackdown on cryptocurrency platforms, others
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The Economic and Financial Crimes Commission has instituted a further crackdown on currency speculators and cryptocurrency platforms manipulating the naira, Sunday PUNCH has learnt.
Impeccable sources within the commission said the EFCC was not only going after Binance but every cryptocurrency platform and others involved in the manipulation of the Nigerian foreign exchange market.
A source said, “The EFCC is going after all currency speculators to stabilise Nigerian forex.”
Another source noted, “The commission is not only going after Binance but other cryptocurrency compliance and exchanges, this has been helping in stabilising the market.”
Reacting to the development when contacted, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything lawful to ensure sanity within the country’s forex market.
“The commission is doing everything within the ambit of the law to ensure that there’s sanity in Nigerian the foreign exchange market,” he said.
Meanwhile, some foreign exchange market analysts have stated that the dollar rose slightly against the naira between Wednesday and Friday due to interbank moves of the commercial banks.
A money market analyst, Agba Akin, had on Friday posted a snapshot of the P2P trading platform on X, saying, “Since Wednesday, the dollar has started increasing again at BDC, here is why. The emergency lovers of Binance are back speculating on other P2P apps.
“They’ll keep adding N50 every day until they take it back to 2,500 which was their initial plan, and recoup their loss. CBN, act now.”
Reacting, a BDC operator identified as Yasir Arafat Jubril@oil_shaeikh said, “The problem with speculative manipulation is even if CBN keeps bidding dollars to BDC at a low rate, the prevailing speculated rate will lord over the market and you’ll be forced to sell at that price to keep afloat. CBN must crack down on all speculative platforms.
“They don’t know anything; if we talk, they’ll say we are aboki BDC behind Nigeria’s problem. Over 40 years that BDC has been operating, we never manipulated the naira by adding 50 to N100 a day till P2P ojukokoro boys came with their lack of fear of God.”
Speaking with Sunday PUNCH, the Adhoc Committee Chairman of the Association of Bureaux De Change Operators of Nigeria, Almustapha Muhammed, said while it was true that the dollar gained during the week, the BDCs were not behind the currency gaining as it resulted from certain moves of the commercial banks.
He said, “Some people just want to put it at the BDCs. Actually what happened was that the dollar rose from the interbank rates and not from the BDCs. BDCs are parallel markets, while the banks are connected with the Federal Government’s official rate.
“CBN is giving us dollars at N1,101, but some commercial banks are doing interbank conversions. They convert from their accounts – domiciliary accounts and naira accounts. But the parallel markets are doing lower than the Federal Government.”
Speaking further, he said, “Last week, the CBN gave the dollar at N1,101, but the parallel market sold at N950. That was what even made some BDCs not bid for a collection of dollars at CBN, because when you collect that dollar from CBN, automatically you run at a loss because we sell at N950. Unfortunately for the dollar, banks are now doing their interbank.
“That was what made people rush into the parallel market and buy it (the currency) at the lower rate and then deposit it in the commercial banks, automatically making N20, N40, N60 gains, because when you deposit your dollar into your domiciliary account and ask for its conversion into naira, automatically, you are making that difference. That is exactly what happened.”
In his reaction, an economist identified as Opeoluwa on X said, “On this issue, I reached out to a source in the relevant security agency on this matter. I was reliably informed that it has been flagged as ‘imminent danger’ and it’s being looked into.
“I am told that they (the security agency) may have to extend their hands to them, just like they did to Binance.”
When our correspondent contacted the Head of Strategic Communication at the Office of the National Security Adviser, Zakari Mijinyawa, he did not pick up calls.
Culled from PUNCH
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——————–
*DID YOU KNOW?*
* Pelé’s record as the FIFA World Cup all-time youngest goalscorer (17 years, 239 days) remains untouched.
* Leonardo da Vinci’s Codex Leicester is the most expensive book ever purchased, bought by Bill Gates at an auction for a staggering $30.8 million.
——————–
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——————–
*TODAY IN HISTORY*
* On this day in 2016, a terrorist attack in Nice, France killed 85 and injured more than 300 people. The attack took place during Bastille Day Celebrations, when a 19-tonne truck was driven into the crowd. The attacker was eventually shot by the police.
* On this day in 1957, first female parliamentarian in the Arab world was elected to office. Egyptian Rawya Ateya became the first woman to be elected to the National Assembly.
——————–
Somewhere, something incredible is waiting to be known. – Carl Sagan
Good morning
The self-acclaimed Director-General of the disputed Presidential Foreign Intervention Promotion Council, PFIPC, Adeyemi Adeniyi, says he borrowed the N400 million to secured the job at the presidency.
Adeniyi made this revelation on Monday during zoom interview on ‘Politics Today’, a programme on Channels Television.
He said his creditors have reported him to the Economic and Financial Crimes Commission, EFCC.
He described the way some actors in government taking the matter as ‘unfortunate and embarrassing’, asking how only him could manoeuvre the entire Federal Government system.
“I borrowed this money, the N400 million, to pay for this appointment. In fact, those that I borrowed the money from have reported me to the EFCC to refund it,” he said.
When asked to react to the report that there is a United States lobbying firm helping him to seek an asylum, Adeniyi said, “I read it the way you read it.”
News
May 18 primaries has come to a close, I appeal to all my people to support all APC candidates -Ize-Iyamu
Pastor Osagie Ize-Iyamu has beckoned on all his loyalists to support All Progressives Congress APC candidates after the party formally endorsed all Edo State candidates.
This was contained in a statement he personally signed encouraging his loyalists in Edo South to throw their weights behind all APC candidates.
Hear him:
“Following wide-ranging consultations with our leaders, party members, supporters, women, youths, and well-wishers across Edo South, Nigeria, and the diaspora, I address you today(Monday ) with profound gratitude, humility, and an unwavering commitment to the unity and progress of our great party.
“The APC Edo South Senatorial Primary held on May 18, 2026 has come to a close. Our party has completed its democratic process, and a candidate has emerged. I accept the decision of our party in good faith and appeal to all our members, followers and friends to do same.
“The All Progressives Congress is greater than any individual ambition. It is a platform built on service, sacrifice, discipline, and our shared commitment to a better future for our people. Political contests may test our preferences, but they must never diminish our common purpose.
To every supporter, coordinator, volunteer, grassroots mobiliser, and everyone who stood with us throughout this journey, I offer my heartfelt appreciation. Your loyalty, sacrifices, encouragement, and prayers have been a constant source of strength. I remain deeply grateful for your confidence and steadfast support.
I wish to specially thank our brothers and sisters in the diaspora across party lines for the overwhelming support they gave my senatorial bid and assure them of my continous commitment to the development and progress of our district. I urge every one of you to remain peaceful, reject division, and continue to uphold the values that have always defined our people.
Now is the time to reconcile, close ranks, and focus on the greater task before us. Our collective responsibility to serve the people of Edo South is far greater than any individual aspiration. As we move forward, I remain committed to working with our leaders, stakeholders, and party faithfuls to strengthen the APC, secure victory in the general election, and advance the development and well-being of Edo South Senatorial District.
The contest is behind us. The future is before us. Let us move forward with one resolve, and one commitment- to build a stronger APC and a more prosperous Edo South.
Thank you for your prayers, your loyalty, and your unwavering support throughout this journey.
History will not remember the contest we fought; it will remember the future we built together. Let us unite. Let us serve. Let us win for the APC, for Edo South and for the people of Edo State.
God bless the All Progressives Congress. God bless Edo South Senatorial District. God bless Edo State.
God bless the Federal Republic of Nigeria. Oba gha to kpere, ise
READ today’s newspaper headlines,14/07/2026
PFIPC scandal: ‘I borrowed N400 million to secure the appointment’ – Adeyemi Adeniyi
May 18 primaries has come to a close, I appeal to all my people to support all APC candidates -Ize-Iyamu
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