Skip to content

Nigeria Cracks Down on Forex Hoarders to Stem Naira Crash

  • Anti-graft agency threatens to arrest forex speculators
  • Nation uses demand management, forex controls to curb routs
A customer counts a bundle of Naira banknotes inside a market in Lagos.

A customer counts a bundle of Naira banknotes inside a market in Lagos.

Photographer: Damilola Onafuwa/Bloomberg

Nigeria’s anti-graft agency said it would arrest foreign currency traders found to be hoarding the dollar after a plunge in the country’s currency last month. 

The Economic and Financial Crimes Commission called foreign exchange dealers to a meeting in a bid to end “brazen foreign exchange speculation” that’s causing “a run on the value of the naira,” the agency said. It has intelligence linking some persons and organizations to the hoarding of foreign currencies, it said.