EFCC arrests syndicate of currency racketeers in Abuja

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Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested members of a syndicate of currency racketeers hoarding and trading in the redesigned naira notes in Abuja.

This was confirmed by the EFCC spokesperson, Wilson Uwujaren, noting that the operations were carried out in Zone 4 and Dei Dei axis of the Federal Capital Territory (FCT) between Saturday and Monday.

Uwujaren revealed that the operation followed intelligence on activities of unscrupulous currency speculators who were exploiting citizens by offering them the new naira notes for foreign currencies at below the going rate.

The operation comes after the governor of the Central Bank of Nigeria (CBN), Godwin Emefile, had announced that the apex bank would collaborate with law enforcement agencies such as the EFCC and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to track such heavy withdrawals.

The CBN also extended the deadline for the validity of the old N200, N500 and N1,000 Naira notes from January 31 to February 10.

TNN reports that the Department of State Security Service (DSS) also revealed on Monday that its operatives arrested some currency traders who have turned the sale of newly redesigned notes into brisk business.