EFCC Arrests Syndicate Selling New Naira Notes

The Economic and Financial Crimes Commission (EFCC) has announce the arrest of members of a syndicate who are hoarding and trading the redesigned naira notes.

Recall that the Department of State Services (DSS) had earlier arrested members of organized syndicates involved in the sale of new naira notes.

The spokesman of DSS had in a statement released on Monday said the alleged syndicates who connived with some commercial bank officials were arrested.

The statement reads, “The Department of State Services (DSS) hereby informs the public that it has intercepted some members of organised syndicates involved in the sale of the newly redesigned naira notes.

“In the course of its operations, in this regard in parts of the country, it was also established that some Commercial Bank officials are aiding the economic malfeasance.”

Also, in a statement of its own on Monday, the EFCC spokesperson, Wilson Uwujaren said members of the syndicate engaging in naira note trading were arrested around zone 4 and Dei Dei axis of the federal capital territory (FCT).

EFCC said the suspects confessed to working in connivance with some commercial bank officials.

The anti-graft agency said: “The operation followed intelligence on activities of unscrupulous currency speculators who were exploiting desperate citizens by offering them the new Naira notes for foreign currencies at below the going rate.

“The suspects have made useful statements, including a disclosure that they were acting in cohort with some unscrupulous officials of Money Deposit Banks.

“The Commission will extend the operation to all the major commercial centres of the country until all the syndicates involved in the illegal trade are demobilised. Financial system operators are also warned to desist from the sharp practices or risk arrest and prosecution.

“Zonal Commanders of the EFCC today, also met with officials of various banks in their Commands in an effort to ascertain the volume of the new notes issued to the commercial banks and how the banks were dispensing the monies to their customers.

“The Commanders urged the financial market operators to ensure compliance with the guidelines set by the Central Bank of Nigeria while disclosing that they have dispatched operatives across their Commands to monitor the level of compliance by banks and other operators in the financial market.”

Naija News reports that the Central Bank of Nigeria (CBN) had on Sunday extended the deadline to swap the old naira notes for the new notes to the 10th of February.