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LequteMan
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Nigeria - A statement from the EFCC, announcing the impending trial of several CBN bigwigs has revealed a part reason why the Naira keeps losing value, despite several efforts over the year to keep it from depreciating against the Dollar.
Six CBN bigwigs and sixteen officials of commercial banks in the country are to be tried for a scam that involved the “theft and recirculation of defaced and mutilated currencies,” which according to the agency kept the Naira depreciating.
"All the suspects who are currently in the custody of the EFCC are now ruing the day they literally allowed greed and craze for materialism to be loud their sense of judgement and responsibility, when they elected to help themselves to tones of defaced Naira notes. Instead of carrying out the statutory instruction to destroy the currency, they substituted it with newspapers neatly cut to Naira sizes and proceeded to recycle the defaced and mutilated currency."
"The fraud is partly to blame for the failure of government monetary policy over the years as currency mop up exercises by the apex bank failed to check the inflationary pressure on the economy." the statement said.
Read more: EFCC Uncovers Massive N8bn Currency Scam at CBN
#Naira #Dollar #EFCC #CBN
Six CBN bigwigs and sixteen officials of commercial banks in the country are to be tried for a scam that involved the “theft and recirculation of defaced and mutilated currencies,” which according to the agency kept the Naira depreciating.
"All the suspects who are currently in the custody of the EFCC are now ruing the day they literally allowed greed and craze for materialism to be loud their sense of judgement and responsibility, when they elected to help themselves to tones of defaced Naira notes. Instead of carrying out the statutory instruction to destroy the currency, they substituted it with newspapers neatly cut to Naira sizes and proceeded to recycle the defaced and mutilated currency."
"The fraud is partly to blame for the failure of government monetary policy over the years as currency mop up exercises by the apex bank failed to check the inflationary pressure on the economy." the statement said.
Read more: EFCC Uncovers Massive N8bn Currency Scam at CBN
#Naira #Dollar #EFCC #CBN
