SEC to Work with EFCC on Foreign Exchange Trading Manipulations

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The Securities and Exchange Commission (SEC) has pledged to collaborate with the Economic and Financial Crimes Commission (EFCC) to curb trade manipulations in the virtual space. Dr. Emomotimi Agama, the Acting Director General of the SEC, made this announcement during a meeting with the EFCC team led by its Executive Chairman, Mr. Ola Olukoyede, in Abuja.

Dr. Agama noted that the SEC is particularly focused on eliminating illegal trading on peer-to-peer (P2P) platforms, which he described as a dangerous trend. He highlighted the importance of this collaboration for addressing the ongoing forex crisis in Nigeria. The SEC is also planning to create an economic regulatory hub to facilitate prompt responses from various regulators and sister agencies, thereby reducing delays in regulatory processes.

Mr. Ola Olukoyede, the EFCC Chairman, reiterated the detrimental impact of forex malpractices on the economy. He stressed the need to monitor and regulate virtual traders who contribute to economic instability through illegal activities. Both agencies are committed to working together to safeguard the integrity of Nigeria’s financial markets and protect the economy from fraudulent practices.

Source: THIS DAY

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