Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has revealed the discovery of a new financial scheme that poses a significant threat to the stability of the foreign exchange market.
This sneaky scheme, dubbed “P to P” or peer-to-peer trading, doesn’t play by the rules of traditional banking and finance, says Olukoyede.
He’s sounding the alarm on the potential havoc it could wreak on the value of the Naira, which has been enjoying a steady climb.
To combat this threat head-on, the EFCC has swung into action, slamming the brakes on around 300 accounts tied to the scheme.
Olukoyede is adamant about the urgency of the situation, revealing that a mind-boggling $15 billion has slipped through the cracks of regulation via one of these platforms in just a year.
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Olukoyede also compared the severity of this new scheme to that of the crypto trading platform Binance, indicating that some individuals in Nigeria engaged in activities that were even more detrimental to the country’s financial stability.
He added that the EFCC is committed to safeguarding Nigeria’s financial system’s integrity and protecting Naira’s value.
