EFCC issues warning to banks, Bureau De Change operators over redesigned naira notes:

October 27,2022

The Executive Chairman of Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has vowed to go after hoarders of naira, as the redesigned currency is set for release.

Ripples Nigeria had reported that on December 15, the Central Bank of Nigeria (CBN) will release the redesigned naira notes of N200, N500 and N1000

CBN governor, Godwin Emefiele, had disclosed the plan on Wednesday, and also complained that Nigerians are hoarding about N2.7 trillion from the financial system.

Out of the N3.3 trillion in circulation, only N600 billion is in the vaults of commercial banks. Emefiele said this shouldn’t be allowed to happen, and also advised Nigerians to start keeping their money in banks.

The redesigning of the naira notes will compel Nigerians to take the hoarded currency out, in order to collect the new designed notes

In response to the decision by the CBN, the EFCC boss said Bureau De Change operators should be wary of persons who will try to use the BDC outlets to offload the illegal money they have been hoarding.

Bawa also urged commercial banks to adhere to their obligations of reporting suspicious transactions done by their customers, as the EFCC will go after any financial institutions that operate contrary to the laws.

He said the redesigned naira notes is a well-considered and timely response, hinting that it will aid in currency management within the country.

Also, Bawa revealed that the anti-graft agency and the central bank, as well as 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.”