Naira Notes: EFCC Comes Out of the Woodwork to Offer Warning

Bureau de Change (BDC) owners have been cautioned by the Economic and Financial Crimes Commission (EFCC) to watch out for currency hoarders who may try to sell off money that has been hidden unlawfully.

As previously reported, the CBN Governor, Godwin Emefiele, announced on Wednesday that the apex bank would begin issuing newly designed N200, N500, and N1,000 notes on December 15, 2022.

Concerned Nigerians are currently responding to the news in a variety of ways.

In a statement, EFCC Chairman Abdulrasheed Bawa praised the apex bank’s action, calling it “a well-considered and timely reaction” to the nation’s difficulties with currency management.

He said:

“It is pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to use this opportunity to offload the currencies they had illegally stashed away.”

The head of the EFCC stated that the organization would take all necessary steps to apprehend and bring charges against any financial services operator who disregards the current rules and regulations.

Looking into the political play and schemes by the government and those in charge of currency control, redesigning the Nigerian currency is piling problems upon problems when obviously, the real focus should be on improving the weight of the Naira in the global market.

Again, it is shows misplaced priorities from those in charge of the financial situations of the country, if placing more interests on the aesthetics of the naira notes holds more steam compared to the value of it.