The Economic and Financial Crimes Commission says it is on the trail of more sellers of naira notes after separate operations in Abuja.
This comes after the agency arrested some racketeers in Zone 4 and the Dei Dei axis of the Federal Capital Territory on Saturday, January 28 and Monday, January 30.
EFCC Head of Media, Wilson Uwujaren, said members of the syndicate were hoarding and trading with the redesigned notes.
Uwujaren noted that the operation followed intelligence on activities of unscrupulous currency speculators in certain areas.
Those in custody exploited desperate citizens by offering them new notes in exchange for foreign currencies at below the normal rate.
The EFCC said the suspects have made useful statements, “including a disclosure that they were acting in cohort with some unscrupulous officials of banks”
The commission announced the extension of the operation to major commercial centres of the country “until all the syndicates involved in the illegal trade are demobilised”.
“Financial system operators are also warned to desist from the sharp practices or risk arrest and prosecution”.