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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
By Gloria Ikibah
Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, has marked his 61st birthday by sponsoring 120 inmates at the Medium Security Correctional Centre, Kuje, Abuja, to sit for the National Examinations Council (NECO) and National Business and Technical Examinations Board (NABTEB) examinations.
The initiative, which took place at the correctional centre on Thursday, formed part of activities marking the Speaker’s birthday and continued his support for educational opportunities for inmates.
Speaker Abbas who was represented by his Special Assistant on Humanitarian Affairs, David Igbe Okponya said the gesture was intended to ensure that incarceration did not become a barrier to education, personal development and the opportunity for inmates to rebuild their lives.
Delivering the Speaker’s message to the inmates, he urged them to use their time in custody to prepare for life beyond the correctional centre.
He urged the inmates not to allow their present circumstances to define their future.
He said: “I leave you with three words: Believe. Learn. Rebuild. Believe that your future can be better. Learn everything that can make you a better person. And when the opportunity comes, rebuild your life and make a positive contribution to society.
“Let this occasion remind us that no human being should be defined only by his worst moment.
“Whatever brought you here is part of your history, but it does not have to define the rest of your life.
“Use your time here wisely. Read, study, learn a trade, acquire a skill, and build your character. When the opportunity comes for you to return to your communities, return prepared to contribute positively to your families and to Nigeria.”
The event also featured testimonies from previous beneficiaries of Abbas’ educational sponsorship, as well as the cutting of the Speaker’s birthday cake with inmates.
An inmate identified simply as Adeolu, who benefited from the Speaker’s examination sponsorship last year, expressed appreciation for the support.
“A big thank you” to the Speaker, he said, before adding, “The foundation builder—that is what we call him in here.”
Another former beneficiary, Chikwendu, recounted how the educational support helped him change his course of study from science to art before sitting for the NECO examination sponsored by the Speaker.
He said he eventually obtained seven distinctions.
“Last year, you were here to plant a seed. I want you to know that, that seed has germinated. We are indebted to our father, the Right Honourable Speaker,” Chikwendu said.
Giving an overview of the educational programmes in the FCT Command, the Education Desk Officer, DSC Adikwu Owoicho, disclosed that more than 2,000 inmates had been registered for various educational programmes.
He said inmates registered in 2025 recorded encouraging performances in both NECO and NABTEB examinations.
“The Speaker is taking the lead in the number of NECO and NABTEB registration sponsorships nationwide. The NGOs are doing their best, but the Speaker is taking the lead,” Owoicho said.
Earlier, the Controller of Corrections, FCT Command, Christopher Peter Jen, who represented the Comptroller General of Corrections, Sylvester Ndidi Nwakuche, commended the Speaker for supporting the Nigerian Correctional Service’s efforts to reform and empower inmates.
The Comptroller General described education as a critical pillar of the Service’s mandate of reformation, rehabilitation and reintegration.
He also advocated employment opportunities for reformed inmates, saying those who had undergone rehabilitation were ready to contribute meaningfully to national development.
Representing the Deputy Controller General in charge of Inmates Training and Productivity, SC Igomu Augustine, also appreciated the organisers for supporting inmates and the Service’s efforts to make them productive and better prepared for reintegration into society.
He said the Speaker was taking the lead in sponsoring the registration of inmates for NECO examinations across custodial centres.
The latest sponsorship formed part of his continued support for education and rehabilitation initiatives aimed at giving inmates opportunities to acquire qualifications, skills and the confidence needed to rebuild their lives after release.
Another Nollywood actor, Chijioke Nwokafor, popularly known as CJay Nwoks is dead.
He died on Wednesday, September 30, 2026, at an undisclosed hospital in the Badore area of Lagos State.
The sad news was announced by actress Nkechi Blessing, who recently cast CJay as the lead actor in her new film.
Speaking on why the film will no longer be released, Nkechi, who was seen crying in a video on her Instagram page, said, “it took me a lot to do this video because we won’t be dropping the movie again by 5pm.
Right now, I’m in the hospital in Badore. I just lost CJay. CJay is dead. I don’t even know where to start.”
The cause of his death is still very sketchy as at the time of filing this report.
The Speaker of the House of Representatives, Hon. Abbas Tajudeen, Ph.D., has called on Nigerians to remain hopeful about the country’s future, declaring that Nigeria is making progress politically, socially and economically.
Abbas made the call in his Independence Day message to Nigerians as the country marked its 61st anniversary of independence on Thursday.
The Speaker noted that Nigeria had continued to mature as a nation, stressing that democracy was taking root in Africa’s most populous country despite the challenges confronting it.
He emphasised the importance of patriotism, peace and national unity, urging Nigerians to work collectively towards the country’s development, growth and prosperity.
Abbas also called on citizens to sustain their prayers and support for the administration of President Bola Ahmed Tinubu, GCFR, while stressing that nation-building must transcend political affiliations, ethnic differences and religious beliefs.
According to him, the task of building a prosperous nation requires a renewed sense of patriotism and a collective commitment to the common good.
He urged Nigerians to embrace a new national consciousness, love their country and remain dedicated to its progress, insisting that the responsibility for national development rests on every citizen.
The Speaker wished Nigerians a peaceful and memorable Independence Day celebration, expressing hope for a stronger and more prosperous nation.
Abbas Marks 61st Birthday by Sponsoring 120 Kuje Inmates For NECO, NABTEB
SAD! Another Nollywood star is dead
Independence: Nigeria Making Political, Economic Progress, Speaker Abbas Says
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