By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AIT LIVEAIT LIVEAIT LIVE
  • Live TV
  • Politics
  • National News
  • Business
  • Sports
  • Tech
  • Entertainment
  • Global
  • Videos
Font ResizerAa
Font ResizerAa
AIT LIVEAIT LIVE
Search AIT
  • Live TV
  • Politics
  • National News
  • Business
  • Sports
  • Tech
  • Entertainment
  • Global
  • Videos
Follow US

EFCC Hails CBN’s Move To Clampdown On Currency Hoarders

Last updated: October 26, 2022 9:12 pm
3 years ago
Share
3 Min Read
aitlive 2 14
EFCC/ CBN

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

The CBN Governor, Godwin Emefiele announced at a briefing on wednesday that the apex Bank has been given approval by President Muhammadu Buhari to redesign and issue new N200, N500 and N1000 notes that would come into circulation by the 15th of December, 2022.

Responding to the development, the Executive Chairman of the EFCC, Abdulrasheed Bawa in a Statement signed by the Commission’s Head, Media and Publicity, Wilson Uwujaren described the move by the CBN as “a well-considered and timely response” to the challenges of currency management which he says has negatively impacted the country’s monetary policy and security imperatives.

The Statement explained that the EFCC, CBN and some other regulators in the financial sector have worked closely in the past to determine how best to stabilize the country’s monetary policy.

While the EFCC’s Chairman called on operators in the Nigerian financial sector, especially Deposit Money Banks and Bureau de Change operators to work within the guidelines provided by the Central Bank of Nigeria to ensure seamless withdrawal of the old currency, he warned that the EFCC will monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise.

Also read: Court orders CBN Gov. Emefiele to appear over $70m judgement debt

Bawa asks Banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.

Bawa further pointed out that the objectives which the CBN seeks to achieve with the redesign and reissue of the higher denomination of Naira notes is in tandem with the objectives of the Money Laundering Prevention Prohibition Act 2022 which criminalizes the conduct of cash transactions above a certain threshold.
According to Section 2 (1) of the Money Laundering Act 2022 “No person or corporate body shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding— (a) N5,000,000 or its equivalent, in the case of an individual ; or (b) N10,000,000 or its equivalent in the case of a corporate body”.

Editor : Ena Agbanoma

Share This Article
Facebook Twitter Whatsapp Whatsapp Email Print

RSS APO Group – Africa-Newsroom: latest news releases related to Africa

  • Nigeria launches large-scale vaccination campaign to protect 106 million children against measles, rubella and polio October 7, 2025
  • Uganda Refinery to Start Operations in Q4 2029-Q1 2030 October 7, 2025
  • Uganda to host 15th East African Community (EAC) Parliament Games October 7, 2025
  • GOIL to Commission Additional 12,000 Metric Tons of Liquefied Petroleum Gas (LPG) Storage Capacity in Ghana October 7, 2025
  • Unlocking real estate connection between Africa and Dubai October 7, 2025

Trending

aitlive 9
Breaking: INEC admits glitch in results transmission as Court Reserves Judgement In Atiku’s Petition Against Tinubu, electoral body
2023 Elections Headlines
aitlive 1 19 1
Nigeria Air: MD Confirms Unveiled Aircraft Was Hired Ethiopia Flight
Local
LABOUR PARTY
Breaking: LP And Presidential Candidate, Peter Obi, Get Court Permission To Inspect Forensic Materials
2023 Elections
AIT-IMAGES - US House Republicans
US House Republicans authorize Biden impeachment inquiry
World
PETER OBI
Drama in court as judges order Peter Obi’s legal team to go home
Headlines

Section

  • Headlines
  • Local
  • Business
  • Politics
  • Sports
  • Crime
  • Education
  • Health
  • Entertainment

Programmes

  • Kakaaki
  • Focus Nigeria
  • Democracy Today
  • People Politics and Power
  • News Hour
  • AIT Reports
  • World News
  • Moneyline With Nancy
  • Jigsaw

About Us

  • About AIT
  • Our History
  • Our Awards
  • Our Values
  • Privacy Policy


Follow US
© AIT.LIVE. All Rights Reserved.
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

THE MOST IMPORTANT NEWS HEADLINE AND EVENT OF THE DAY

Subscribe to our mailing list to receive daily news update direct in your inbox!

Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?