Skip to main content

EFCC Hails CBN, Moves to Clampdown on Currency Hoarders

 

The Economic and Financial Crimes Commission, EFCC, has applauded the move by the Central Bank of Nigeria, CBN, to redesign and reissue higher denominations of the Nigerian Currency, the Naira. Speaking at a press briefing today, October 26, 2022, the CBN Governor, Godwin Emefiele announced that the apex bank had obtained the approval of President Muhammadu Buhari to resign and issue new N200, N500 and N1000 notes that shall come into circulation by the 15th of December, 2022.

Responding to the development, the Executive Chairman of the EFCC, Abdulrasheed Bawa described the move by the apex bank as “a well-considered and timely response” to the challenges of currency management which has negatively impacted the country’s monetary policy and security imperatives. “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 said.

He called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators to work within the guidelines provided by the Central Bank of Nigeria to ensure seamless withdrawal of the old currency. Bawa however warned that EFCC will monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise. He also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.

The EFCC boss further pointed out that the objectives which the CBN seeks to achieve with the redesign and reissue of the higher denomination Naira notes, were in tandem with the objectives of the Money Laundering Prevention Prohibition Act 2022, which criminalizes the conduct of cash transactions above a certain threshold.

According to Section 2 (1) of the Money Laundering Act 2022 “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.”

Optimistic that the new currency measure would further boost Nigerians’ embrace of banking culture and encourage the acceptance of cashless transactions, the EFCC Chairman recalled that the Commission had recently taken operational action against currency hoarders in major commercial cities of Nigeria.

“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.”

Noting that currency hoarders readily made their hoard available to criminal enterprise, the EFCC boss further stated that the Commission will spare no effort to bring to book any financial services operator who runs afoul of extant laws and regulations.

Popular posts from this blog

Police arrests Department of Nursing Head at Coal City University, Mba Alphonsus over fraud allegations.

The Nigerian Police Force, Zone 13 Command Ukpo, Anambra State has on Saturday 14th of October arrested the Head of Nursing Department Coal City University, Enugu, Mba Alphonsus.  Mba was taken to Emene police station shortly after he was taken into custody before he was moved to Zone 13 Ukpo where he's been detained.  He was arrested on allegation of identity theft and fraud he committed at the school of Post Basic Psychiatry, Enugu when he was the acting Principal.  According to the Police, his real name is mr Gregory Agbo from Nchatancha Nike but he started using WAEC result of his brother inlaw Alphonsus Mba. It is alleged that he has been using that name throughout civil service in Nursing. Same name he used to get job as Head of Department of Nursing at Coal City University, Enugu.  He was also alleged to have parted with Six Million Naira he collected from students when he was the acting Principal School of Post Basic Psychiatry Nursing, Enugu. According to the Police, Mba i
Read more

ALLEGED ASSAULT OF NLC PRESIDENT: IGP WADES IN, CHARGES DIG FCID ON THOROUGH INVESTIGATION

.....Calls for Calm IGP Kayode Egbekun The Inspector General of Police, IGP Kayode Adeolu Egbetokun has ordered investigations into the circumstances surrounding the alleged assault on the person of the President of the National Labour Congress, Comrade Joe Ajaero. Consequently, he has directed the Deputy Inspector General in charge of the Force Criminal Investigation Department to take over the matter with the primary objective of ascertaining the true facts surrounding the incident and to address any ambiguities that may exist as the Police has been inundated with different versions of the incident making investigations imperative to clear the conflicting accounts. In a press release issued by tHe Force Public Relations Officer, ACP Olumuyiwa Adejobi, the IGP noted that the force understands the importance of transparency and accountability in maintaining public trust.  The IGP therefore assures the public, most especially the leadership of the organized labour, that a thorough and u
Read more

APC SUPPORT GROUP CAUTIONS RECALLED ENVOYS TO DESIST FROM EMBARRASSING THE NIGERIAN GOVT.

A Coalition of All Progressives Congress, APC, support groups, on Thursday, cautioned recalled envoys and ambassadors to stop denting the country's image abroad. The groups issued the warning during a press conference in Abuja. They accused some of the envoys, particularly the Ambassador to Zambia, of sponsoring spurious media campaigns against the Federal Government and the person of President Bola Ahmed Tinubu. The press conference was addressed by Amb. Haj. Rabi Garba Dangizo, Director General, Progressive Arewa People Support, ASIWAJU/Shattima, PAPSA, and Amb. (Dr.) Adewale Adeogun. Founder/National Coordinator, Asiwaju Progressive Forum And National Coordinator, Tinubu National Think Tank, TNT. They said some of the envoys were not only undermining the powers of President Tinubu, but were engaging in activities that were in breach of Nigeria's security. The groups expressed surprise that "what was supposed to be a routine Diplomatic Process has turned into a campaign
Read more