The Economic and Financial Crimes Commission (EFCC) has warned banks, currency hoarders, and Bureau De Change operators against taking advantage of plans by the Central Bank of Nigeria (CBN) to redesign N200, N500, and N1000 notes.
It said sanctions would be taken on any of them who attempt to offload illegally stashed away currencies
Abdulrasheed Bawa, chairman of the anti-graft agency issued the warning in Abuja yesterday.
Bawa, according to a statement by the commission’s spokesperson, Wilson Uwujaren, said the CBN plan was in tandem with the objectives of the Money Laundering Prevention Prohibition Act 2022, which criminalises cash transactions above a certain threshold.
He specifically enjoined Bureau De Change operators to be wary of currency hoarders.
The statement reads: “The EFCC chairman has applauded the move by the CBN to redesign and reissue higher denominations of the Nigerian currency, the Naira. “He 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 stabilise 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 currency management situation in Nigeria.”
Bawa called on operators in the financial services sector, especially deposit money banks and bureau de change operators to work within the guidelines provided by the CBN for seamless withdrawal of the old currency.
He warned that EFCC would monitor the process to ensure that “unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise.”
The EFCC boss also charged banks to be alive to their reporting obligations and not assist “unscrupulous customers” in laundering suspected proceeds of crimes through their system.
Bawa said the commission would ”spare no effort to bring to book, any financial services operator who runs afoul of extant laws and regulations.”