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Nigeria’s EFCC Freezes Over 300 Accounts on Suspicious FX Flows

Nigeria’s EFCC Freezes Over 300 forex trading Accounts

Nigeria’s Economic and Financial Crimes Commission (EFCC) has frozen over 300 illegal accounts connected to illegal foreign exchange (FX) trading, EFCC Chairman, Mr. Ola Olukoyede disclosed on Tuesday.

The EFCC Chairman revealed that the accounts were suspended on Monday following a court order.

Speaking in Abuja on Tuesday, Olukoyede explained that over $15bn passed through one of the forex platforms in the last year, outside of financial regulations.

He added that the EFCC’s action was taken to ensure the safety of the foreign exchange market and protect the economy.

Read more: FX Newsroom

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