Economic and Financial Crimes Commission (EFCC) says it has arrested members of a syndicate who are hoarding and trading the redesigned naira notes in Abuja.

Wilson Uwujaren, EFCC spokesperson, in a statement on Monday, said the suspects were arrested around zone 4 and Dei Dei axis of the federal capital territory (FCT). 

The suspects were also said to have told the EFCC that they were working in connivance with some commercial bank officials.

“The operation 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,” the statement reads. 

“The suspects have made useful statements, including a disclosure that they were acting in cohort with some unscrupulous officials of Money Deposit Banks.

“The Commission will extend the operation to all the major commercial centres of the country until all the syndicates involved in the illegal trade are demobilised. Financial system operators are also warned to desist from the sharp practices or risk arrest and prosecution.

“Zonal Commanders of the EFCC today, 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 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.”

As earlier reported, the Department of State Services made similar arrests in operations across the country.

The Cable