According to the Economic and Financial Crimes Commission, it busted a group of organized criminals in Abuja who were stockpiling and dealing in the redesigned Naira notes.
The operations were conducted between Saturday and Monday in Zone 4 and the Dei Dei axis of the Federal Capital Territory, according to EFCC spokesperson Wilson Uwujaren.
The operation, he said, was the result of intelligence on the actions of dishonest currency speculators who were taking advantage of people by selling them new naira notes in exchange for foreign currencies at a discount to the current rate.
The measure was taken a day after Godwin Emefile, the governor of the Central Bank of Nigeria, declared that the top bank would work with law enforcement organizations like the EFCC and the Independent Corrupt Practices and Other Related Offences Commission to track such large transactions.
You may recall that the CBN extended the expiration date for the old N200, N500, and N1,000 notes from January 31 to February 10.
On Monday, the Department of State Security Service also disclosed that its agents had detained some currency traders who were making a tidy profit from the selling of newly redesigned notes.
The offenders allegedly collaborated with representatives of commercial bank executives, according to the secret police.
The EFCC added that it will continue to operate in all major commercial hubs across the nation until all syndicates engaged in the illegal trade are dismantled after its investigation discovered that certain money dealers collaborate with employees of money deposit banks.
As part of its anti-corruption campaign, the agency asked participants in the financial markets to follow the rules established by the Central Bank of Nigeria.
It continued, “The suspects have made useful statements, including a 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 demobilized. Financial system operators are also warned to desist from the sharp practices or risk arrest and prosecution.
“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 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.”
