Banks indicted as EFCC goes after naira notes racketeers in Abuja

January 31st 2023, 12:37:58 pm

EFCC advises financial system operators to desist from sharp practices or risk arrest and prosecution.

Nigeria's new naira notes

EFCC spokesman, Wilson Uwajaren, said the suspects were arrested in Zone 4 and Dei Dei axis of the Federal Capital Territory on Saturday, and Monday, January 30, 2023.

According to him, the suspects in their statements confessed that they were acting with some officials of Money Deposit Banks.

The anti-corruption commission also promised to extend its operation to major capital cities and commercial centres to arrest all syndicates involved in illegal currency trading.

The agency also advised financial system operators to desist from sharp practices or risk arrest and prosecution.


Similarly, in a statement on Monday, the Department of State Services (DSS) said it has arrested some members of organised syndicates involved in the sale of the redesigned naira notes.

However, despite the efforts of the agencies to curb the sale of the redesigned naira notes, the scarcity of the new notes worsen across the country as racketeers continue to take advantage of the situation to exploit Nigerians.

Since the Central Bank of Nigeria shifted the deadline for its cashless policy to February 10, 2023, the news notes remain unavailable to the public as banks’ ATM machines still dispenses old naira notes.

Bayo Wahab
Bayo Wahab is a news reporter at Pulse. He is a passionate journalist with core interest in Special reports, development and investigative journalism.. Reach him via


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