The Economic Financial Crimes Commission on Friday arrested 34 suspected currency speculators over alleged foreign exchange fraud.

The anti-graft agency in a statement on its official X account on Friday said the suspects were apprehended by its Taskforce on Currency Mutilation, Dollarisation of the Economy and Forex Malpractice.

It noted that the sting operation followed credible intelligence about illegal sales of dollars at the Wuse Zone 4 area of the Federal Capital Territory Abuja.

The EFCC resumed clampdown on currency speculators as the naira started losing steam to the dollar days after gaining both at the official and parallel markets.

Posting a photo of the 34 arrested currency speculators, the EFCC said their arrest came on the heels of the EFCC’s consistent efforts to sanitise and stabilise the foreign exchange market.

It stated, “They will soon be arraigned in court upon conclusion of investigations.’’

The EFCC said the suspects were Usman Mohammed, Abdullahi Nasir, Abubakar Saleh, Mohammed Kabir Ibrahim, Abubakar Ghadafi, Muktar Usman, Umar Abubakar Abba, Yakubu Sani, Aminu Abubakar, Muhammed Suleman Abara, Yusuf Tahir, Usman Lawal, Usman Umar, Amina Garba Rola, and Muhammed Aliyu.

Others included Murtala Haruna, Sani Mohammed, Umar Farouk, Muhammed Sagiuru, Aminu Salisu, Lawal Bello, Munzali Hashim, Jamilu Suleiman, Mustapha Umar, Mubarak Tanimu, Adamu Garba, Mohammed Usman, Bello Musa, Saleh Mohammed Naseer, Zaharadeen Yau, Musa Umaru Adamu, Usman Machido and Abdulaziz Abubakar Abba.

Friday’s arrest comes as the naira further depreciated against the dollar, trading at about N1, 400 to a dollar.

In February, the EFCC commenced nationwide raids of unlicensed bureau de change operators in a move to strengthen the naira.