EFCC Hails F.G’s Order On Issuance Of New Naira Notes

The Economic and Financial Crimes Commission (EFCC) has applauded the move by the Central Bank of Nigeria (CBN) to redesign and reissue higher denominations of the Nigerian currency, the Naira.

The CBN Governor, Godwin Emefiele, on Wednesday announced that the apex bank had obtained the approval of the Federal Executive Council to redesign and issue.

According to Emefiele, the new notes will come into circulation by Dec. 15, 2022 while the old notes will no longer be accepted after Jan. 31, 2023.

The EFCC Chairman, Mr Abdulrasheed Bawa hailed the move as “a well-considered and timely response” to the challenges of currency management in the country.

Bawa said in a statement issued by Mr Wilson Uwujaren, EFCC’s spokesperson on Wednesday in Abuja, that the challenges of currency management 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 the currency management situation in Nigeria”, he said.

Bawa called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators, to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency.

He expressed optimism that the new currency measure would encourage more Nigerians to embrace banking culture and acceptance of cashless transactions.

Bawa recalled that the EFCC recently took operational action against currency hoarders in major commercial cities of Nigeria.

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

He noted that currency hoarders readily made their hoard available to criminal enterprise.

Bawa, therefore, said that the commission would spare no effort in bringing to book, any financial services operator who runs foul of extant laws and regulations.