The Economic and Financial Crimes Commission (EFCC) has in separate operations in Zone 4 and Dei Dei areas of the Federal Capital Territory (FCT) Abuja, arrested members of a syndicate of currency racketeers hoarding and trading the redesigned Naira notes.

The EFCC operations happened on Saturday, January 28 and Monday, January 30, 2023.

EFCC spokesperson, Wilson Uwujaren, said the operations followed intelligence on activities of unscrupulous currency speculators, who were exploiting desperate citizens by offering them the new Naira notes for foreign currencies at below the going rate.

He said the suspects have made useful statements, including disclosure that they were acting in cohort with some unscrupulous officials of money deposit banks.

Uwujaren added that the EFCC will extend the operation to all the major commercial centres of the country until all the syndicates involved in the illegal trade were demobilised.

The EFCC also warned financial system operators to desist from the sharp practices or risk arrest and prosecution.

Uwujaren also said zonal commanders of the EFCC also met with officials of various banks in their commands in an effort to ascertain the volume of the new notes issued to the commercial banks and how the banks were dispensing the monies to their customers.

The commanders urged the financial market operators to ensure compliance with the guidelines set by the Central Bank of Nigeria (CBN), while disclosing that they have dispatched operatives across their commands to monitor the level of compliance by banks and other operators in the financial market.