EFCC Arrests Racketeers of New Naira Notes In Abuja

The Economic and Financial Crimes Commission, EFCC, has arrested some currency racketeers hoarding and trading with the redesigned Naira notes.

According to a statement by the Commission on Monday, the syndicate was arrested in a separate operation in Zone 4 and Dei Dei of the Federal Capital Territory between 28th – 30 January, 2023.

The arrests were said to have been made after an intelligence report received by the EFCC, on the activities of some unscrupulous currency speculators who are said to be exploiting desperate citizens.

Their methods involved offering desperate people the new Naira notes for foreign currencies at below the going rate.

Further statements revealed that the suspects have made useful statements, including disclosure that they were acting in cohort with some unscrupulous officials of money deposit banks.

“The Commission will extend the operation to all the major commercial centres of the country until all the syndicates involved in the illegal trade are demobilised. Financial system operators are also warned to desist from the sharp practices or risk arrest and prosecution.

“The Zonal Commanders of the EFCC today, also met with officials of various banks in their Commands in an effort to ascertain the volume of the new notes issued to the commercial banks and how the banks were dispensing the monies to their customers.

“The Commanders urged the financial market operators to ensure compliance with the guidelines set by the Central Bank of Nigeria, while disclosing that they have dispatched operatives across their Commands to monitor the level of compliance by banks and other operators in the financial market,” the statement said.