Naira Redesign: EFCC To Clampdown On Currency Speculators, BDCs

The Economic and Financial Crimes Commission (EFCC) has warned currency speculators and Bureau de Change (BDC) operators not to undermine the move by the Central Bank of Nigeria (CBN) to redesign and reissue higher denominations of the Naira.

EFCC Chairman, Abdulrasheed Bawa in a statement on Wednesday commended the move by the apex bank, saying it is “a well-considered and timely response” to the challenges of currency management in the country.

Earlier on Wednesday, the CBN Governor, Godwin Emefiele said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022.

Commenting on the development, Bawa said, “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.”

He called on operators in the Nigerian financial services sector, especially deposit money banks and BDC operators to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency.

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