The Commission said the operation followed intelligence on activities of unscrupulous currency speculators.

The Economic and Financial Crimes Commission (EFCC) on Monday said it nabbed members of a syndicate of currency racketeers hoarding and trading with redesigned naira notes.

EFCC spokesman, Wilson Uwajaren, 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.

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According to a statement on Monday by DSS spokesman, Dr Peter Afunanya, the Service in the course of its operations, also established that some Commercial Bank officials are aiding the economic malfeasance.

Consequently, the Service warned the currency racketeers to desist from this ignoble act.

(Channels TV)