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EFCC begins crackdown on cryptocurrency platforms manipulating naira

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Following the dollar rise against naira this past week, the Economic and Financial Crimes Commission has instituted a further crackdown on currency speculators and cryptocurrency platforms manipulating the naira.

According to the PUNCH, sources within the commission said the EFCC was going after Binance and every cryptocurrency platform and others involved in manipulating the Nigerian foreign exchange market.

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The source said, “The EFCC is going after all currency speculators to stabilize Nigerian forex.”

Another source noted, “The commission is not only going after Binance but other cryptocurrency compliance and exchanges; this has been helping in stabilizing the market.”

Reacting to the development, the spokesperson for the EFCC, Dele Oyewale, said the commission was doing everything lawful to ensure sanity within the country’s forex market.

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“The commission is doing everything within the ambit of the law to ensure that there’s sanity in the Nigerian 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.

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