Naira Swap: Over N500bn Yet to be Returned To CBN – EFCC

The Chairman of Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has disclosed that over N500 billion old naira notes stashed by politicians yet to return to the Central Bank of Nigeria (CBN).

Abdulrasheed Bawa stated this during an interview on Channels TV’s Yesterday.

The EFCC chairman added that the commission had a lot of information on some of the means politicians were devising to buy votes during elections.

He said, “The only option politicians have now is to buy votes, as BVAS will do a lot of wonders. They want to maximize the numbers they have. That is the intelligence we have and I am happy that all the security agencies are working to make sure the election is successful.

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Bawa further disclosed that a large chunk of the N500 billion of the new N200, N500 and N1,000 banknotes in circulation were been hoarded allegedly for vote-buying in the general elections which commences this Saturday with the presidential and National Assembly polls.

“Some people stashed money for the purpose of the election. Even as of today we still have over N500 billion old naira notes that are yet to be returned to the CBN. And the CBN has printed N500 billion new naira notes which is in circulation.

“We have our own way of getting such Intel and God willing we are going to use it maximally this time around.”

He, however, warned that all machineries have been put in place to drastically reduce the influence of vote buying in the election.

Bawa expressed confidence that the agency would record more success compared to the recent Ekiti and Osun governorship polls because of the naira redesign policy.