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.
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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
