The Economic and Financial Crimes Commission (EFCC) is intensifying its crackdown on cryptocurrency speculators, according to a recent report by Punch. This effort is aimed at strengthening the Nigerian naira and stabilizing the nation's foreign exchange market.

EFCC sources reveal that the commission is targeting all crypto exchanges and groups involved in market manipulation, not just Binance. The commission's goal is to prevent illegal activities that could negatively impact Nigeria's currency market.

Market analysts have identified two significant factors influencing the naira's foreign exchange rate: large dollar-denominated transactions by commercial banks and speculation activities on P2P trading platforms. Some analysts believe that the rise in commercial banks' mining is linked to speculation on these platforms.

BDC dealers have frequently reported speculative manipulation and urged the Central Bank of Nigeria (CBN) to regulate the market. However, the Chairman of the Association of Bureaux De Change Operators of Nigeria clarified that BDCs are not responsible for the current instability in the forex market. He emphasized that interbank operations and the consistent rise of the dollar in the exchange market are not part of BDC facilities.

An economist suggested that security agencies are working to understand the situation better, which may lead to additional measures beyond Binance. However, the National Security Advisor's official service did not comment when the media raised the issue.