The commission made the announcement in a Twitter post on Wednesday and also released a picture of the suspect.
The EFCC said the arrest was done as part of its effort to sanitize the foreign exchange sector.
According to the tweet, the suspect was arrested on Saturday in the Wuse area of the Federal Capital Territory, which is famous for black market operations.
The commission tweeted: “As part of its ongoing operation to sanitize the foreign exchange sector and rid it of speculators and all shades of economic saboteurs, the EFCC has arrested one Mustapha Muhammed alias ‘Mustapha Naira’.
“He was picked up by operatives of the commission on Saturday, November 12, 2022, at Wuse Zone 4, the hub of parallel market operations in the Federal Capital Territory.
“The suspect has made the useful statement while the investigation continues,” EFCC said in the tweet.