The Economic and Financial Crimes Commission, EFCC has called on operators in the Nigerian financial services sector, especially deposit banks and BDC operators to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency.
The commission however warned Bureau de Change (BDC) operators to be wary of currency hoarders who would be offloading money illegally stashed.
The Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, on Wednesday revealed that the apex bank will, from December 15, 2022, issue redesigned N200, N500, and N1,000 notes.
Reacting to the development in a statement, the EFCC Chairman, Abdulrasheed Bawa lauded the move by the apex bank, saying it is “a well-considered and timely response” to the challenges of currency management in the country.
“The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilize the country’s monetary policy environment.
” It is heart-warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria.”
The EFCC boss warned that the anti-graft commission will monitor the process and charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.
Bawa said the CBN’s move is in tandem with the objectives of the Money Laundering Prevention Prohibition Act 2022, which criminalises the conduct of cash transactions above a certain threshold.
Section 2 (1) of the Money Laundering Act 2022 states: “No person or body corporate 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 body corporate.”
“It is therefore pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away.”
According to the EFCC boss, the Commission would spare no effort to arrest and prosecute any financial services operator who violates extant laws and regulations.
