As EFCC Ambushes Currency Hoarders, Cyber Criminals With last week’s crackdown on the activities of some erring bureau de change operators and the smashing of a cybercrime syndicate, the Economic and
With last week’s crackdown on the activities of some erring bureau de change operators and the smashing of a cybercrime syndicate, the Economic and Financial Crimes Commission may have commenced steps to actualise its pledge to bring economic saboteurs into its dragnet as Nigeria awaits the issuance of new naira notes by the Central Bank of Nigeria, writesIn furtherance of its resolve to take advantage of the planned currency redesign, recently announced by the Central Bank of Nigeria to ambush...
A statement by the EFCC disclosed that Atumeyi, who is seeking to represent Ankpa II Constituency in the state House of Assembly, was arrested on Sunday, October 30, 2022, alongside one Joshua Dominic, an alleged serial fraudster, in a sting operation at Macedonia Street, Queens Estate, Karsana, Gwarinpa, Abuja.
While announcing the new policy to redesign the naira, Emefiele said the policy would be effective from mid-December 2022, explaining that the new notes include N200, N500 and N1000. Banking sector analysts believe the intervention of the EFCC would be invaluable at this crucial time since it would be difficult for the CBN to monitor banks at the various points of exchanging old currencies for new ones.
He described the action of the EFCC as one of the crimes commission’s mandates to check the menace of money laundering and terrorism financing in the economy and the hawking of currency in the street is one of the offences under AML/CFT. He reiterated his call for the apex bank to consider forex users at the retail end of the market for sanity to return to the market and to reconsider the suspension of liquidity injection into the BDCs.
The fear is that although the Electoral Act 2022 has a cap on political donations and expenditures by parties and candidates, it is very unlikely that the politicians will abide by the dictates of the electoral act. Tella said: “If it is foreign currency, the economy will be awash with a lot of foreign currencies which on the one hand is good. But on the other hand, it is bad because it will cause a lot of inflation. It will further depreciate the naira because people will start changing the foreign currencies to naira that they can spend, and that will cause a further depreciation of the naira. That will result in a higher level of inflation because it will lead to a higher cost of production.
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