Naira Redesign: Launders Using Stashed Cash to Buy Properties – EFCC

Naira Redesign: Launders Using Stashed Cash to Buy Properties – EFCC | Daily Report Nigeria

The Economic and Financial Crimes Commission, EFCC, has revealed ploy by suspected launders of using stashed cash to purchase properties.

Chairman of the EFCC, Abdulrasheed Bawa made the disclosure during an interview with Daily Trust.

Checks have shown that after the Central Bank of Nigeria (CBN) on October 26 announced that the country’s currency would be redesigned, there has a been mad rush by top politicians, traders, investors, and other members of the public to cut corners and convert stashed funds into dollars, property, and others.

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The EFCC boss confirmed that there is a mad rush by some people to dispose of their stashed funds by buying property.

We are aware of that. Even if you dispose of your property and you receive cash, for that cash to be of value to you after January 31, 2023, you have to take it to the bank; so what happened, are you coming to the bank with those millions? That is why we are working with the bankers and if you have this information let us know about it.

Meanwhile, CBN Governor, Godwin Emefiele, had said the move was to counter-terrorism financing and hoarding of banknotes by members of the public. The apex bank is to redesign the N200, N500, and N1,000 notes.

While the re-designed notes would be released on December 15, Nigerians have up till January 31, 2023, to deposit the old notes in banks.

He further urged Nigerians to support the system for the benefit of all.


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