The nation’s anti-graft agency, Economic and Financial Crimes Commission (EFCC), says it has arrested a man with N30 million new naira notes.

The Commission said such huge amount is contrary to the new cashless policy that allow only N100,000 for each person.

EFCC Chairman, AbdulRasheed Bawa announced this on Friday on a TVC programme , Your Veiws wll.

Bawa said the cashless policy has made it easy for the anti-graft body to trace the currency as the Central Bank of Nigeria has the serial numbers of all the new naira notes and how it was disbursed and who has access to it.

‘’We arrested a man on Thursday with N30m new naira notes which we are investigating how the person got access to such fund, as the cashless policy only allows for N100,000,’’ Bawa said.

The EFCC Chairman said though many are complaining of the immediate hardship of access to cash, the commission is collaborating with the Central Bank of Nigeria (CBN) to monitor the distribution of the new naira notes to banks and ensure that Nigerians have access to the cash as provided by law and restrict its hoarding.

He noted that the policy is reducing vote buying already and this would ensure that the 2023 general elections stands out as the poll that less money was expended.

”The cashless policy is not aimed at eradicating vote buying alone as it is expected to create sanity in our economy.”




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