The Economic and Financial Crimes Commission has arrested five suspects for alleged currency counterfeiting, totalling $113,400 in Abuja.
According to a statement by Wilson Uwujaren, a spokesman for the EFCC list the names of the suspects as Sule Sani, Abba Sulaiman, Abraham Amengwa James, Haruna Nahum Rabiu and Samson Koadam Paul.
Following actionable intelligence available to the anti-graft agency, the suspect was arrested in Wuse Zone 4, Abuja and the suspects would be charged to court as soon as investigations are concluded.
It is believed that the introduction of fake currency into the mix is large to scare buyers and sellers of currencies for official businesses at home and abroad given that Abuja Zone 4 is the hub for buying and selling foreign currencies in the Federal Capital Territory.
Also, given that commercial banks do no longer supply Basic Travel Allowances PTA to Nigerians as and when necessary, the discovery may scare foreigners who buy and sell foreign currencies in the hub thereby causing a major setback to Nigerians paying their children’s school fees abroad.
What you should know
- Nairametrics reported that the Central Bank of Nigeria’s total foreign exchange sales to authorised dealers (deposit money banks) declined to $1.65 billion in August 2021 from $2.05 billion in July 2021.
- The CBN directed all commercial banks to publish the names and Bank Verification Numbers (BVNs) of all defaulting customers that presented fake travel documents to purchase BTA/PTA in order to curb unwholesome practices.
- A breakdown shows that foreign exchange sales to interbank, Swap transactions and SME interventions rose by 63.5 per cent, 72.3 per cent, and 42.5 per cent to US$0.28 billion, US$0.46 billion, and US$0.17 billion, respectively.