The Economic and Financial Crimes Commission (EFCC) has issued a warning to currency speculators and Bureau de Change (BDC) operators to avoid downplaying the decision of the Central Bank of Nigeria (CBN) to redesign and redistribute higher denominations of the Naira.
In a statement issued on Wednesday, EFCC Chairman, Abdulrasheed Bawa, applauded the move by CBN saying that it is “a well-considered and timely response” to the problems surrounding currency management in the country.
Godwin Emefiele earlier on Wednesday confirmed that CBN would issue redesigned N200, N500, and N1,000 notes, starting December 15, 2022.
Expressing his opinion on the project, Bawa said: “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 the currency management situation in Nigeria.”
Bawa admonished operators in the Nigerian financial services sector especially BDC operators to comply with the guideline provided by the CBN to ensure the smooth withdrawal of the old notes.
He warned that the anti-graft commission will observe the process and urged banks to keep to their reporting obligations and not support lawless customers in laundering suspected dividends of crimes through their system.
Bawa further added that the decision is in agreement with the objectives of the Money Laundering Prevention Prohibition Act 2022, which criminalises the practice of carrying out cash transactions above a certain threshold.
