The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, recently stated during an appearance on Channels Television’s The 2023 Verdict that his organization is not keen on apprehending suspected hoarders of new Nigerian naira notes.
Despite a shortage of the new N200, N500 and N1,000 notes throughout the country, Bawa emphasized that the law permits individuals to deposit old notes with the Central Bank of Nigeria (CBN) at any time in the future.
Bawa also revealed that the EFCC has not made any arrests or raised any questions about deposits made since October 2022. This is because they are determined to avoid creating too much panic within the system, and their primary objective is to ensure that monies are returned to the banking system.
Bawa stated that the new currency is easier to track, and the EFCC has an additional responsibility in recovering funds that are allegedly being used for vote-buying.
However, Bawa noted that one of the challenges they face is the sabotage of the equitable distribution of the new naira notes by some bankers. Despite this obstacle, the EFCC is working to overcome it and anticipates success in their efforts to recover funds.