The Economic and Financial Crimes Commission (EFCC) has announced plans to clamp down on currency hoarders who have been affected by the new Central Bank of Nigeria (CBN) directive on naira notes redesign.
EFFC chairman, Abdulrasheed Bawa said this while reacting to the CBN’s move to redesign and reissue higher denominations of the country’s currency notes.
On Wednesday CBN governor Godwin Emefiele explained why the Apex Bank made the decision to redesign some naira notes due to persisting concerns with the management of the current series of banknotes in circulation — particularly those outside the banking system.
He said currency management has recently faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of the CBN and the country.
In a statement on Thursday, the EFCC boss described the move by the CBN as “a well-considered and timely response” to the challenges of currency management.
Mr Bawa said the challenges have negatively impacted the country’s monetary policy and security imperatives.
“The EFCC, the CBN, and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilise the country’s monetary policy environment,” he said.
“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.”
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