Winifred Bosa

The Economic and Financial Crimes Commission (EFCC) has nabbed members of a syndicate currency racketeers , hoarding and trading with redesigned naira notes.

EFCC spokesman, Wilson Uwajaren, in a statement 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.

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, the anti-graft agency said.

He 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 centres of the country until all the syndicates involved in the illegal trade are demobilised.

It also warned financial system operators to desist from the sharp practices or risk arrest and prosecution.