The Economic and Financial Crimes Commission, EFCC, on Monday said it nabbed members of a syndicate of currency racketeers hoarding and trading with redesigned naira notes.

The Economic and Financial Crimes Commission, EFCC, on Monday said it nabbed members of a syndicate of currency racketeers hoarding and trading with redesigned naira notes. EFCC spokesman, Wilson Uwajaren, said that the arrest happened in separate operations in the Zone 4 and Dei Dei axis of the Federal Capital Territory on Saturday and Monday.

According to it, the operation followed intelligence on activities of unscrupulous currency speculators who were exploiting desperate citizens by offering them the new naira notes for foreign currencies at below the going rate. Uwajaren said the suspects have made useful statements, including disclosure that they were acting with some unscrupulous officials of Money Deposit Banks. The commission vowed to extend the operation to all the major commercial centers of the country until all the syndicates involved in the illegal trade are demobilized.

In a related development, the Department of State Services (DSS) said it intercepted some members of organized syndicates involved in the sale of the new redesigned naira notes. According to a statement on Monday by its spokesman, Peter Afunanya, the Service in the course of its operations, also established that some Commercial Bank officials are aiding the economic malfeasance. Consequently, the Service warned the currency racketeers to desist from this ignoble act.