EFCC’s Crackdown on Currency Abuse Has Helped Steady the Naira, Says Agency Spokesman

A top official from Nigeria’s Economic and Financial Crimes Commission has credited the agency’s special unit against money mishandling with playing a key role in bringing calm to the value of the naira.

The unit, set up to fight the mistreatment of the local currency and the overuse of dollars in everyday dealings, has made a real difference in keeping the naira on firmer ground, the official explained during a television chat.

He praised the current head of the commission for his sharp focus on economic wrongs that chip away at the nation’s money strength. Over the past two years, this leader has brought fresh energy to the job, drawing on his earlier roles as a close aide and top administrator within the group.

One of the first big steps was forming this dedicated team to go after those who hoard or misuse naira notes and play tricks with foreign cash exchanges. These shady practices had been dragging down the currency, but the tough actions have helped turn things around.

The leader laid out his main goals right from the start: using the fight against graft to boost the economy, sticking strictly to legal ways, and raising standards inside the agency. On all fronts, the work has gone well, fitting into larger plans to lift the country out of its money troubles.

In that time, the commission has dug into nearly 29,000 reports of wrongdoing, taken more than 10,000 people to court, and won judgments in 7,500 cases. When it comes to grabbing back stolen goods, the haul has been huge—billions of naira and millions of dollars in cash, plus other valuables.

These winnings are now feeding into helpful government projects that touch ordinary lives. For example, 100 billion naira from the recovered loot kick-started two big schemes: 50 billion for loans to help students pay for school, and another 50 billion to let families borrow easily for everyday needs.

Among the standout grabs were 753 fancy homes in a nearby country, which leaders will soon decide how to use for the public good. Closer to home, a seized campus in the north has turned into a new federal school focused on practical skills, so young people there can learn and grow thanks to money clawed back from crooks.

The official tackled doubts about the agency’s choices, like why it spends so much time on online scams instead of big political names. He pointed out that these digital tricks cause massive harm to the economy, stealing trust and cash from the whole country.

He also pushed back against talk of the group putting suspects on trial in the press before courts do. In truth, he said, news gets out because those called in often tip off mates and family, who then spread the word far and wide.

Under the current boss, changes inside the agency have lifted spirits among workers, with better pay and care making everyone sharper and more committed. This leader has proven his skill and know-how in just two years, and the country will gain even more from his steady hand ahead.

In a related update, experts at a money research firm see the naira holding between 1,400 and 1,450 to the dollar by year’s end, thanks to prices cooling off. Official figures show the main cost-of-living measure dropped to 18.02 per cent last month from 20.12 per cent the month before—the sixth drop in a row and the first time under 20 per cent in three years. Better supplies and farm harvests are helping keep things in check.