EFCC Arrests Alleged Currency Speculator

An alleged currency speculator, Mustapha Muhammed, popularly known as Muaspaha Naira has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) in the Federal Capital Territory.

The arrest was made known by the commission in a post on its Twitter account on Wednesday and also released a picture of the suspect.

According to EFCC, Muhammed was arrested by the anti-graft agency as part of its effort to sanitise the foreign exchange sector.

EFCC disclosed that Muhammed was apprehended in the Wuse area of the Federal Capital Territory.

The commission wrote on its Twitter account, “As part of its ongoing operation to sanitise the foreign exchange sector and rid it of speculators and all shades of economic saboteurs, the EFCC has arrested one Mustapha Muhammed alias Muaspaha Naira.

“He was picked up by operatives of the commission on Saturday, November 12, 2022, at Wuse Zone 4, the hub of parallel market operations in the Federal Capital Territory.

“The suspect has made a useful statement while the investigation continues.”

Senate Takes Decision On CBN’s Naira Redesign Plan

The Nigeria Senate on Wednesday resolved to provide legislative support for the policy of the Central Bank of Nigeria (CBN) to redesign the naira.

Naija News reports that CBN Governor, Godwin Emefiele, had on October 26, announced the plan to redesign the Naira to control the money supply. According to him, the redesigned notes include N200, N500, and ₦1,000.

He stated that the new N200, N500, and ₦1,000 notes will go into circulation from December 15, while the current notes will cease to be legal tender by January 31, 2023.

It was gathered that the move was aimed at fighting corruption, checkmating money laundering, eliminating counterfeits, and ending the hoarding of the Naira by kidnappers and others.