The Economic and Financial Crimes Commission EFCC and the Department Of State Services, DSS, have arrested members hoarding and trading the redesigned Naira notes.
According to the EFCC spokesperson, Wilson Uwujaren, the operations were carried out on Monday. He noted that the operation followed intelligence on activities of unscrupulous currency speculators who were exploiting citizens by offering them the new naira notes for foreign currencies at below the going rate.
The EFCC further noted that its findings revealed that some of the money traders are working with officials of Money Deposit Banks, adding that it will extend its operation to all major commercial centers across the country until all syndicates involved in the illegal trade are demobilized.
Meanwhile, the DSS in a statement signed by the Public Relations Officer, Dr. Peter Afunanya, warned that the secret police will go after those involved in the malfeasance.
In the statement, the DSS also alleged that some commercial bank officials were aiding and abetting the act.
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.