New naira racketeering: EFCC to raid Lagos, Kaduna, Port Harcourt, and currency hawkers…

Written by on February 1, 2023

Indications have emerged that the Economic and Financial Crimes Commission is set to raid new naira note racketeers in key commercial cities including Lagos, Port Harcourt, and Kaduna.

The commission indicated this on Tuesday when it disclosed that it had arrested members of a syndicate of currency racketeers trading in the redesigned naira notes at Zone 4, Wuse and Dei-Dei axis of the Federal Capital Territory, Abuja.

The Abuja suspects were nabbed during an operation to halt the illicit currency trading carried out by the anti-graft agency between Saturday and Monday.

The EFCC spokesperson, Wilson Uwujaren, confirmed the development in a statement on Tuesday.

Findings from EFCC officials showed its operatives had penned down some commercial nerve centres in Lagos, Port Harcourt, and Kaduna, where currency hawkers are having a field day.


The EFCC planned raids came on the heels of similar raids of currency hawkers and racketeers by personnel of the Department of State Services.

The raids came a day after the Governor of the Central Bank of Nigeria, Godwin Emefile, said the apex bank would collaborate with law enforcement agencies such as the EFCC and the Independent Corrupt Practices and Other Related Offences Commission, to track heavy withdrawals.

The CBN had extended the deadline for the validity of the old N200, N500 and N1,000 notes from January 31 to February 10.

The Department of State Services revealed on Monday that its operatives arrested some currency traders who had turned the sale of newly redesigned notes into brisk business.

The secret police also alleged that the perpetrators were working in cahoots with officials of commercial banks.

Meanwhile, the EFCC further noted that its findings revealed that some of the money traders were working with officials of Money Deposit Banks, vowing to extend its operation to all major commercial centres across the country until all the syndicates involved in the illegal trade are demobilized.

The anti-graft agency also urged financial market operators to ensure compliance with the guidelines set by the CBN.

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