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The Economic and Financial Crimes Commission (EFCC) arrested members of a currency swindlers syndicate hoarding and trading the redesigned Naira notes in separate operations in Zone 4 and Dei Dei areas of the Federal Capital Territory (FCT) Abuja.
On Saturday, January 28 and Monday, January 30, 2023, the EFCC conducted operations.
Wilson Uwujaren, EFCC spokesperson, said the operations were prompted by intelligence on the activities of unscrupulous currency speculators who were exploiting desperate citizens by offering them the new Naira notes for foreign currencies at a discount to the going rate.
He stated that the suspects have made useful statements, including admitting to working with some unscrupulous officials of money deposit banks.
Uwujaren went on to say that the EFCC will expand the operation to include all of the major commercial centres of the country until all the syndicates involved in the illegal trade were demobilised.
The EFCC also warned financial system operators to desist from the sharp practices or risk arrest and prosecution.
Uwujaren also said zonal commanders of the EFCC 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 (CBN), 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.