The Economic and Financial Crimes Commission (EFCC) has arrested a man with N30 million in new naira notes, which is contrary to the new cashless policy that allows only N100,000 for each and every person.
The Commission Chairman, AbdulRasheed Bawa, announced this on Friday on a TVC program.
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 knows how they were disbursed and who has access to them.
“We arrested a man on Thursday with N30 million in new naira notes, and we are investigating how the person got access to such funds, as the cashless policy only allows for N100,000,” Bawa said.
The EFCC Chairman said that though many are complaining of the immediate hardship of accessing 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 already reducing vote buying, and this would ensure that the 2023 general elections stand out as the poll in which 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.”
