EFCC arrests new hoarders of naira bills in Abuja

…To expand the operation to large commercial centers

The Economic and Financial Crimes Commission has said it has arrested members of a syndicate of currency extortionists hoarding and trading the redesigned Naira notes in Abuja.

According to the EFCC spokesman, Wilson Uwuvaren, the operations were carried out between Saturday and Monday in Zone 4 and Dei Dei-as of the Federal Capital Territory.

He noted that the operation followed intelligence of activities by unscrupulous currency speculators who were exploiting citizens by offering them the new foreign currency naira notes at a lower than the going rate.

The move came a day after Central Bank of Nigeria Governor Godwin Emefile said the top bank would work with law enforcement agencies such as the EFCC and the Independent Corrupt Practices and Other Related Offenses Commission to track down such heavy withdrawals.

The PUNCH reports that the CBN has also extended the deadline for the validity of the old N200, N500 and N1,000 Naira notes from January 31 to February 10.

On Monday, the Ministry of State Security also revealed that its agents have arrested a number of currency dealers who have turned the sale of newly designed banknotes into brisk business.

The secret police also claimed that the perpetrators were in cahoots with officials of commercial banks.

Meanwhile, the EFCC further noted that its findings showed that some money dealers are cooperating with money deposit bank officials, adding that it will expand its operations to all major commercial centers across the country until all syndicates involved in the illicit trade are demobilized.

The anti-graft agency also urged financial market participants to ensure compliance with Central Bank of Nigeria guidelines.

It added: “The suspects have made helpful statements, including a revelation that they acted in cohort with some unscrupulous cash deposit bank officials.

“The commission will extend the operation to all major commercial centers of the country until all syndicates involved in the illicit trade are demobilized. Financial system operators are also warned to refrain from the harsh practices or risk arrest and prosecution.

“EFCC zonal commanders also met with officials from several banks in their commands in an effort to ascertain the volume of new notes issued to the commercial banks and how the banks distributed the money to their customers.”

“The commanders urged financial market operators to ensure compliance with Central Bank of Nigeria guidelines while disclosing that they have sent agents over their commands to monitor the level of compliance by banks and other players in the financial market.”