BREAKING: EFCC Freezes Over 300 Accounts Over Suspicious Forex Flows

EFCC has frozen over 300 accounts involved in a peer-to-peer forex trading scheme outside official channels, threatening the stability of Nigeria’s financial system.

This illicit activity involves more than $15 billion, bypassing financial regulations and jeopardizing the Naira’s value.

The crackdown on this activity is part of broader efforts to maintain financial stability in Nigeria.

The Economic and Financial Crimes Commission (EFCC) has frozen over 300 accounts due to irregular foreign exchange transactions, announced EFCC Chairman Ola Olukoyede on Tuesday.

VerseNews reports that the action follows the discovery of a new financial scheme dubbed “P to P” peer-to-peer financial trading, operating outside regulated banking channels, which threatens the stability of the foreign exchange market and could devalue the Naira.

Olukoyede highlighted the severity of the issue, revealing that this scheme allowed more than $15 billion to bypass official financial oversight in just one year.

Comparing it to the issues faced with the cryptocurrency platform Binance, he noted that similar practices had facilitated the untraceable transfer of over $26 billion through Binance, prompting a stringent response from the Nigerian government and financial authorities to protect the country’s economic stability.

“In the last year,” CBN governor Yemi Cardoso said, “more than $26 billion have been funnelled through Binance without trace”.