Naira Redesign: Anti Graft Agency, EFCC May Start Profiling Large Depositors For Money Laundering

Nigeria’s anti-graft agencies including EFCC may start profiling large depositors of naira notes as banks across the country witnessed increased deposits of cash ahead of the December deadline. 

It would be recalled that on the 26 of October 2022, the Central Bank of Nigeria (CBN) announced that the bank plans to redesign a portion of the naira notes to checkmate money laundering, counterfeiting, hoarding and terrorism. 

Speaking at the headquarters of the apex bank, the CBN Governor, Godwin Emefiele noted that the central bank has finalised arrangements for the new currency to begin circulation from December 15, 2022, after it would have been launched by President Muhammadu Buhari.

The affected naira notes include N100, N200, N500 and N1000 notes. 

Immediately after the announcement, Nigerians both financial experts and otherwise began to showcase their opinions. 

While some welcomed the idea, stating that it could expose corrupt politicians and top civil servants who have stacked loads of Naira in their homes, others viewed it as an effort in futility. 

As the deadline for people to deposit their old naira notes in exchange for new notes draws nearer, banks have started to witness huge deposits running into billions of naira. 

Last week, the CBN disclosed that about N52 billion in cash has been deposited across the commercial banks. 

Investors King expects this figure to increase exponentially in the following weeks as the apex bank claimed that N3.2 trillion is in circulation.

Meanwhile, sources have confirmed that the central bank will soon begin screening large depositors for money laundry and currency hoarding.

Already, the CBN has identified large depositors to include politicians, Bureau De Change Operators, traders, and real estate financiers among others. 

It was also learnt that the anti-graft agencies including the EFCC have directed banks to keep records of depositors including institutions.

Meanwhile, several naira notes minted some years back even as far as 2008 are now back in circulation. 

A number of those notes looking cleaner and better than recently minted notes have surfaced on social media.