• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

  • Fact-Check
  • Economy
    • NUPENG

      NUPENG Suspends Strike After Truce With FG, Labour, Oil Stakeholders

      Customs, Defence Bureau Unveil Airboat for Smuggling War

      Customs Begins Live Operations of Automated Excise Register System

      Still on the “National Single Window” Project By Abdulsalam Mahmud

      Minister of Finance Wale Edun and the Comptroller General of Customs Bashir Adeniyi decorating OP Olaniyan

      Customs Generates N3.7trn in H1 2025 as FG Targets Enhanced Private…

  • National
    • Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id

      FG to Schools: Get Certified Teachers or Lose WAEC Accreditation

      Troops Eliminate Terrorist, Rescue Kidnap Victims in Sokoto, Katsina, Kaduna

      ECOWAS debt: Court Remands Ecobank Legal Head over Perjury, defamation of…

      The Arrest of Ansaru Kingpins Mahmud Muhammad Usman aka Abu Bara’a, and Mahmud al-Nigeri aka Mallam Mamuda

      DSS Secures 15-Year Jail Term for Ansaru Leader Over Illegal Mining

    • Government
      • Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id

        FG to Schools: Get Certified Teachers or Lose WAEC Accreditation

        ECOWAS debt: Court Remands Ecobank Legal Head over Perjury, defamation of…

        Femi Fani-Kayode FFK

        Fani-Kayode Denies Interest in NFA Chairmanship

        Food Items

        Crash Food Prices – Tinubu Orders FEC Committee

  • Security
    • Military Troops in Action

      Army Rescue 17 Kidnap Victims in Kogi State

      His Royal Highness, the Emir of Ilorin and Chairman, Kwara State Council of Chiefs, Alhaji (Dr) Ibrahim Sulu-Gambari,

      Emir of Ilorin, CP Lead Special Prayers Against Insecurity in Kwara

      Troops Eliminate Terrorist, Rescue Kidnap Victims in Sokoto, Katsina, Kaduna

      The Arrest of Ansaru Kingpins Mahmud Muhammad Usman aka Abu Bara’a, and Mahmud al-Nigeri aka Mallam Mamuda

      DSS Secures 15-Year Jail Term for Ansaru Leader Over Illegal Mining

      Troops of Nigerian Army after successfully foiling an ambush by Boko Haram/ISWAP Terrorists

      Military Kills 6 Terrorists, Lose 3 Soldiers in Zamfara Ambush

  • Features
    • Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id

      Traffic officials tolling the vehicle at the scene in Abuja

      SPECIAL REPORT: Extortion, Blood and Impunity Behind Abuja’s Agbero Menace

      MUST READ: Why Everyone Should Use AI for Writing, With Pride…

      Chief of the Air Staff (CAS), Air Marshal Hasan Bala Abubakar, and delegation from the United States Institute of Security Governance led by retired Major General Miguel Castellanos,

      Nigeria, US to Expand Air-Ground Integration for Safer Counterterrorism Operations

      Kaduna-Abuja Railway: An Urgent Call for Improved Maintenance and Security Compliance…

  • State
    • Military Troops in Action

      Army Rescue 17 Kidnap Victims in Kogi State

      His Royal Highness, the Emir of Ilorin and Chairman, Kwara State Council of Chiefs, Alhaji (Dr) Ibrahim Sulu-Gambari,

      Emir of Ilorin, CP Lead Special Prayers Against Insecurity in Kwara

      Troops Eliminate Terrorist, Rescue Kidnap Victims in Sokoto, Katsina, Kaduna

      ECOWAS debt: Court Remands Ecobank Legal Head over Perjury, defamation of…

      Troops of Nigerian Army after successfully foiling an ambush by Boko Haram/ISWAP Terrorists

      Military Kills 6 Terrorists, Lose 3 Soldiers in Zamfara Ambush

  • Event
    • Baze University Management visits TETFUND, Showcases Tech-Driven Growth, National Impact

      PHOTOS: BUK Alumni Association Launches Digital Hub to Unite Global Graduates,…

      Founder Image Merchant Promotion Ltd, Yushau Shuaib, Nigeria Customs CG, CGC Bashir Adewale Adeniyi and the IPRA representative during the 2024 GWA awards in Belgrade, Serbia

      Again, ​IPRA Shortlists Nigeria Customs, IMPR for Golden World Awards, Celebrates…

      BUKAA Announces 2025 AGM at BUK New Campus: Join In-Person or…

      Vice President Kashim Shettima and President Bola Ahmed Tinubu

      Shettima at 59: Tinubu Hails VP’s Loyalty, Commitment to Service

    • PR Nigeria Award
  • E-Paper
Home Economy EFCC Endorses CBN’s Moves on New Naira Notes
  • Economy

EFCC Endorses CBN’s Moves on New Naira Notes

By
Wilson Uwujaren
-
October 26, 2022
Chairman EFCC Abdulrasheed Bawa
Chairman EFCC Abdulrasheed Bawa

EFCC Endorses CBN’s Moves on New Naira Notes

The Economic and Financial Crimes Commission, EFCC, has applauded the move by the Central Bank of Nigeria, CBN, to redesign and reissue higher denominations of the Nigerian Currency, the Naira. Speaking at a press briefing today, October 26, 2022, the CBN Governor, Godwin Emefiele announced that the apex bank had obtained the approval of President Muhammadu Buhari to resign and issue new N200, N500 and N1000 notes that shall come into circulation by the 15th of December, 2022.

Responding to the development, the Executive Chairman of the EFCC, Abdulrasheed Bawa described the move by the apex bank as “a well-considered and timely response” to the challenges of currency management which has negatively impacted the country’s monetary policy and security imperatives. “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.

Read Also:

  • Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id
  • Army Rescue 17 Kidnap Victims in Kogi State
  • FG to Schools: Get Certified Teachers or Lose WAEC Accreditation

He called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators to work within the guidelines provided by the Central Bank of Nigeria to ensure seamless withdrawal of the old currency. Bawa however warned that EFCC will monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise. He also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.

The EFCC boss further pointed out that the objectives which the CBN seeks to achieve with the redesign and reissue of the higher denomination Naira notes, were in tandem with the objectives of the Money Laundering Prevention Prohibition Act 2022, which criminalizes the conduct of cash transactions above a certain threshold.

According to Section 2 (1) of the Money Laundering Act 2022 “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.”

Optimistic that the new currency measure would further boost Nigerians’ embrace of banking culture and encourage the acceptance of cashless transactions, the EFCC Chairman recalled that the Commission had recently taken operational action against currency hoarders in major commercial cities of Nigeria.

“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.”

Noting that currency hoarders readily made their hoard available to criminal enterprise, the EFCC boss further stated that the Commission will spare no effort to bring to book any financial services operator who runs afoul of extant laws and regulations.

Wilson Uwujaren
Head, Media & Publicity
26 October, 2022

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • CBN
  • efcc
  • Naira
Previous articleMNJTF Commander Praises Troops for Seizing 500 Boko Haram Bicycles in Kirawa
Next articleFLOODING: Nigerian Navy Deploys Boats for Humanitarian Efforts
Wilson Uwujaren
Wilson Uwujaren

RELATED ARTICLESMORE FROM AUTHOR

FACT-CHECK: Did Governor Uba Sani describe El-Rufai as “Godsent” who assisted him with various needs, including property acquisitions and even against Peter Obi?

The Arrest of Ansaru Kingpins Mahmud Muhammad Usman aka Abu Bara’a, and Mahmud al-Nigeri aka Mallam Mamuda

DSS Secures 15-Year Jail Term for Ansaru Leader Over Illegal Mining

Mrs Diiarau Didi Esther Walson-Jack OON mni, SEC 30, 2008, the new Head of the Civil Service of the Federation

Personnel Audit to End Guesswork in Civil Service Reforms – Walson-Jack

Nigerian Army Rescues Abducted Major in Delta State

AFIT graduates

AFIT Produces 302 New Personnel to Boost Air Force Technical Capacity

Brig Gen Mohamed Buba Marwa (rtd)

Marwa: The Tormentor of Untouchable Drug Lords By Yushau A. Shuaib

Customs Recruitment: 286,697 Applicants to Sit for Online Test

NUPENG

NUPENG Suspends Strike After Truce With FG, Labour, Oil Stakeholders

Senator Shehu Umar Buba

Northern Youth Coalition Defends Senator Buba, Condemns Smear Campaigns

AU, Nigeria Sign MoU to Bolster Counter-Terrorism Efforts

Military troops

Niger Delta Operations: Troops Arrest 35, Recover Arms and Stolen Oil

NAF Establishes Forensic, Digital Crime Lab to Tackle Insecurity

Recent Posts

  • Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’id
  • Army Rescue 17 Kidnap Victims in Kogi State
  • FG to Schools: Get Certified Teachers or Lose WAEC Accreditation
  • Emir of Ilorin, CP Lead Special Prayers Against Insecurity in Kwara
  • Troops Eliminate Terrorist, Rescue Kidnap Victims in Sokoto, Katsina, Kaduna
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Renewed Hope and the Broadening Public Sphere By Ahmed Balarabe Sa’idArmy Rescue 17 Kidnap Victims in Kogi StateFG to Schools: Get Certified Teachers or Lose WAEC AccreditationEmir of Ilorin, CP Lead Special Prayers Against Insecurity in KwaraTroops Eliminate Terrorist, Rescue Kidnap Victims in Sokoto, Katsina, KadunaECOWAS debt: Court Remands Ecobank Legal Head over Perjury, defamation of Judge characterFACT-CHECK: Did Governor Uba Sani describe El-Rufai as "Godsent" who assisted him with various needs, including property acquisitions and even against Peter Obi?DSS Secures 15-Year Jail Term for Ansaru Leader Over Illegal MiningSPECIAL REPORT: Extortion, Blood and Impunity Behind Abuja's Agbero MenaceMUST READ: Why Everyone Should Use AI for Writing, With Pride Without Shame By Abdulsalam MahmudMilitary Kills 6 Terrorists, Lose 3 Soldiers in Zamfara AmbushArmy Arrests Cattle Rustlers, Recover Arms, 164 Stolen Livestock in Plateau, Zamfara, SokotoFani-Kayode Denies Interest in NFA ChairmanshipDEPOWA: Soldiers’ Wives Trained on Balancing Family, Business, and Personal GrowthTroops, Hybrid Forces Free 17 Bus Passengers Abducted in Kogi
X whatsapp