Naira’s Fluctuations and Oluwo of Iwo’s Critique of EFCC’s Actions

Recent reports indicate a fluctuation in the value of the Naira in the Nigerian Foreign Exchange Market (NAFEM), with the currency depreciating to ₦1,148.14 per dollar. However, it rebounded to ₦1,072.74 per dollar, marking an appreciation of N75.4.

This shift has narrowed the margin between the parallel market and NAFEM rates to N32.26 per dollar, compared to N48.14 per dollar previously.

Amidst these financial developments, the Oluwo of Iwo, Oba Abdulrosheed Akanbi, has criticized the Economic and Financial Crimes Commission (EFCC) for its recent litigation against Nigerians for Naira abuse, deeming it a misplaced priority.

He emphasized the necessity for comprehensive public education on proper Naira handling before implementing punitive measures. Oluwo highlighted the cultural significance of spraying money, particularly prevalent among the Yoruba and Igbo communities during cultural ceremonies.

In his remarks to the press, the monarch commended the EFCC for its efforts in recovering stolen funds but urged a shift towards proactive education rather than punitive measures. He proposed widespread awareness campaigns through various media channels to inform the public about Naira abuse and its consequences, aiming to curb such behaviors effectively.

Oluwo’s stance reflects a call for a balanced approach to addressing financial misconduct, emphasizing the importance of cultural understanding and proactive education in combating Naira abuse.


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