x

EFCC Commends CBN on Naira Redesign, Warns Against Currency Speculation

The Economic and Financial Crimes Commission (EFCC) has warned currency speculators and Bureau de Change (BDC) operators not to undermine the move by the Central Bank of Nigeria (CBN) to redesign and reissue higher denominations of the Naira.

EFCC Chairman, Abdulrasheed Bawa in a statement on Wednesday commended the move by the apex bank, saying it is “a well-considered and timely response” to the challenges of currency management in the country.

Earlier on Wednesday, the CBN Governor, Godwin Emefiele said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022.

Commenting on the development, Bawa said, “The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilize the country’s monetary policy environment. It is heart-warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria.”

He called on operators in the Nigerian financial services sector, especially deposit money banks and BDC operators to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency.

The EFCC boss warned that the anti-graft commission will monitor the process and charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.

Bawa said the CBN’s move is in tandem with the objectives of the Money Laundering Prevention Prohibition Act 2022, which criminalises the conduct of cash transactions above a certain threshold.

Section 2 (1) of the Money Laundering Act 2022 states: “No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding— (a) N5,000,000 or its equivalent, in the case of an individual ; or (b) N10,000,000 or its equivalent, in the case of a body corporate.”

“It is therefore pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away.”

He said the Commission will spare no effort to bring to book any financial services operator who runs afoul of extant laws and regulations.

Hot this week

NNPC Foundation Boosts Economy with Agricultural Intervention, Say Kano Farmers

By Jabiru HassanFarmers in Kano State have commended the...

Nigeria @65: Northern CAN Urges Hope, Calls on Leaders to Strengthen Nation-Building

By Achadu Gabriel, KadunaThe Christian Association of Nigeria (CAN),...

U.S. Advocacy Groups Reject Tinubu’s IPOB–Boko Haram Comparison, Demand Kanu’s Release

By Achadu Gabriel, KadunaThree U.S.-based human rights and self-determination...

Ogwashi-Uku Union Accuses ODA of Attempting to Incite Unrest

*...Says Allegations Against Monarch Baseless***By Anne Azuka**The Ogwashi-Uku Town...

Minister Nnaji’s Certificate Scandal: CACOL Demands Immediate Sack and Prosecution

***By Jabiru Hassan**The Centre for Anti-Corruption and Open Leadership...

CSO Calls for Abolition of CBN’s 2% Service Charge on Hajj Fare

**By Jabiru Hassan**The Independent Hajj Reporters (IHR), a civil...

Engr. Abba Kabir Yusuf Deserves Royal Treatment

**By Kamaluddeen Sani Shawai**When a leader restores hope and...

Ogwashi-Uku Union Accuses ODA of Attempting to Incite Unrest

*...Says Allegations Against Monarch Baseless***By Anne Azuka**The Ogwashi-Uku Town...

Interfaith Mediation Centre to Host October 2025 Climate Hangout in Kaduna

**By Achadu Gabriel, Kaduna**The Interfaith Mediation Centre (IMC) is...

LAND USE CHARGE: KGIRS Offers Rebates, Urges Property Owners to Pay Voluntarily

**By Noah Ocheni, Lokoja**The Kogi State Internal Revenue Service...

APC National Chairman Nentawe Launches 14-Day Free Medical Outreach in Plateau

**By Israel Adamu, Jos**The National Chairman of the All...

Ododo Storms Isanlu-Esa, Vows to Crush Criminality in Kogi

**By Noah Ocheni, Lokoja**Kogi State Governor, Alhaji Ahmed Usman...

Related Articles

Popular Categories

spot_imgspot_img