EFCC Arrests Alleged Currency Speculator

The Economic and Financial Crimes Commission (EFCC) says it has arrested an alleged currency speculator, Mustapha Muhammed alias Muaspaha Naira.

Currency Speculator Arrested By EFCC

This was disclosed in a statement issued on Tuesday evening by the Spokesman of the EFCC, Wilson Uwujaren.

Uwujaren said the arrest was part of the commission’s ongoing operation to sanitize the foreign exchange sector and rid it of speculators and all shades of economic saboteurs.

According to him, Muhammed was nabbed
by operatives of the anti-graft agency on Saturday, November 12, 2022, at Wuse Zone 4, the hub of parallel market operations in the Federal Capital Territory.

The EFCC image maker said the suspect has made a useful statement while the investigation continues.

Meanwhile, Kanyi Daily reported that the Central Bank of Nigeria (CBN) had on October 26, said it would release redesigned Naira notes by December 15, 2022.

Governor of the bank, Godwin Emefiele, who announced this during a press briefing in Abuja, said the existing notes would seize to be regarded as legal tender by January 31, 2023.

Emefiele said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians.

The apex bank governor added that the redesigning of the naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.