NAIRA POLICY: Improved scrutiny should be intensified by the CBN, EFCC, NFIU to track bank officials, estate managers – HEDA

Following the invalidation of the restrictions on the old Naira notes under the Naira redesign policy by the Supreme Court on Friday, The Human and Environmental Development Agenda (HEDA Resource Centre) has charged the Central Bank of Nigeria and the Economic Financial Crime Commission (EFCC) to clamp down on illicit funds flow transactions by corrupt politicians in cahoot with the commercial banks and vote buying in the country, considering the forthcoming gubernatorial elections.

In a press statement issued by HEDA’s Chairman, Olanrewaju Suraju, the Anti-corruption group maintained that the circulation of old Naira notes as legal tender would create loopholes in the fight against corruption and insurgency in the country it was proposed to achieve.

According to Suraju, Nigerians hoping to benefit from the new Naira designed policy and the attendant hardship have endured last few weeks of the new Naira notes scarcity caused by the insufficient notes provided by the Apex bank and conspiracy of commercial bank officials and such should not go in vain, therefore urged the CBN bank to ensure that the purpose of the Naira redesign policy is not forfeited.

He said, “With the Supreme Court judgment delivered that the old notes continue to be legal tender, the Central Bank and other financial institutions must swing into action and deploy some measures to track and counterfeit illicit money flow transactions by corrupt politicians and their allies.

“Improved scrutiny should be intensified by the Nigeria Financial Intelligence Unit and the EFCC to track bank officials, estate managers and Bureau de Changes for suspicious movement of toxic funds within and outside the financial institutions.

He further stressed that vote-buying might be on the high side with the availability of old Naira notes against what was experienced during the Presidential elections, adding that the EFCC must sustain its commendable efforts on the curb of vote-buying tactics by politicians to disrupt the integrity of the electoral process.

“Similarly, the anti-graft agency and other law enforcement agencies should also intensify their efforts against vote-buying ahead and during the gubernatorial elections on March 11. He added

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