The Economic and Financial Crimes Commission, EFCC, has warned currency speculators and Bureau de Change, BDC, operators not to undermine the move by the Central Bank of Nigeria, CBN, to redesign and reissue higher denominations of the Naira.

EFCC Chairman, Abdulrasheed Bawa in a statement on Wednesday commended the move by the apex bank, saying it is a well-considered and timely response to the challenges of currency management in the country.

Earlier on Wednesday, the CBN Governor, Godwin Emefiele said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022.

He called on operators in the Nigerian financial services sector, especially deposit money banks and BDC operators to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency.

The EFCC boss warned that the anti-graft commission will monitor the process and charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.