The Economic and Financial Crimes Commission (EFCC) has hailed the move by the CBN to redesign some bank notes, saying it is “a well-considered and timely response” to the challenges of currency management in the country.
In a statement, the Chairman of the Commission, Abdulrasheed Bawa commended the move by the Apex bank.
“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 said.
The CBN Governor, Godwin Emefiele had on Wednesday said the apex bank will release redesigned N200, N500, and N1,000 notes into circulation from 15th of December, 2022.
Bawa said the move by the CBN was in tandem with the objectives of the Money Laundering Prevention Prohibition Act 2022, which criminalizes the conduct of cash transactions above a certain threshold.
Part of the statement reads, 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.”
Bawa therefore urged deposit money banks and BDC operators to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency.
He warned that the EFCC would bring to book any financial services operators who breach extant laws and regulations.
RN
