Nigerian Banks Indicted As EFCC Goes After Naira Notes Racketeers in Abuja.
The Economic and Financial Crimes Commission (EFCC) has recently arrested individuals who were hoarding and illegally trading redesigned naira notes in the Federal Capital Territory.
The suspects were apprehended in Zone 4 and Dei Dei axis and during questioning, they confessed to acting in collusion with some officials from Money Deposit Banks.
In response to this discovery, the EFCC has vowed to expand its operation to major cities and commercial centers to apprehend all syndicates involved in illegal currency trading.
The anti-corruption agency has also issued a warning to all financial system operators, advising them to avoid any sharp practices and to refrain from participating in illegal activities or risk arrest and prosecution.
The Department of State Services (DSS) has also made arrests of members of organized syndicates involved in the sale of the redesigned naira notes. Despite these efforts to curb the sale of the redesigned notes, their scarcity has only worsened as racketeers continue to exploit the situation.
The redesigned notes remain unavailable to the general public as banks’ ATM machines still dispense old naira notes.
In light of this situation, the Central Bank of Nigeria has shifted its deadline for its cashless policy to February 10, 2023. The situation has created inconvenience for the general public and highlights the need for swift and effective measures to curb illegal currency practices.
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