•Warn financial institutions to desist from sharp practices or face prosecution
Kingsley Nwezeh in Abuja
The Department of State Security (DSS) said yesterday that it intercepted a syndicate involved in the sale of the newly redesigned currency notes.
In the same breath, the Economic and Financial Crimes Commission (EFCC) said that in separate operations in the Zone 4 and Dei Dei axis of the Federal Capital Territory on Saturday, January 28, and Monday, January 30, 2023, it nabbed members of a syndicate of currency racketeers hoarding and trading with the redesigned naira notes.
A statement issued by DSS said its investigation revealed that officials of some commercial banks were complicit in the illegal business.
“The DSS hereby informs the public that it has intercepted some members of organised syndicates involved in the sale of the new redesigned naira notes.
“In the course of its operations, in this regard in parts of the country, it was also established that some commercial bank officials are aiding the economic malfeasance,” it stated.
The agency, therefore, warned currency racketeers to steer clear of the business or face the wrath of the law.
“Consequently, the service warns the currency racketeers to desist from this ignoble act. Appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address the emerging trends,” the statement signed by the Spokesman of the agency, Dr. Peter Afunanya stated.
The DSS disclosed that the service ordered its commands and formations to further ensure that all persons and groups engaged in the illegal sale of the notes are identified.
“Therefore, anyone with useful information relating to this is encouraged to pass the same to the relevant authorities,” it said.
Meanwhile, the EFCC stated that in separate operations in the Zone 4 and Dei Dei axis of the Federal Capital Territory on Saturday, January 28, and Monday, January 30, 2023 nabbed members of a syndicate of currency racketeers hoarding and trading with the redesigned naira notes.
It stated in a statement, that the operation followed intelligence on activities of unscrupulous currency speculators who were exploiting desperate citizens by offering them the new naira notes for foreign currencies at below the going rate.
“The anti-graft agency said the suspects made useful statements, including disclosure that they were acting in cohort with some unscrupulous officials of money deposit banks,” it added.
The commission said it would extend the operation to all the major commercial centres of the country until all the syndicates involved in the illegal trade were demobilised.
“Financial system operators are also warned to desist from the sharp practices or risk arrest and prosecution”, it said.
The statement noted that zonal commanders of the EFCC also met with officials of various banks in their commands in an effort to ascertain the volume of the new notes issued to the commercial banks and how the banks were dispensing the monies to their customers.
The commanders urged the financial market operators to ensure compliance with the guidelines set by the Central Bank of Nigeria (CBN) while disclosing that they had dispatched operatives across their commands to monitor the level of compliance by banks and other operators in the financial market.