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CBN To Sanction Banks Rejecting Lower Dollar Bills 

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The Central Bank of Nigeria says it will sanction banks and bureau de change operators who reject lower denomination dollar bills and old dollar notes.

The CBN also cautioned forex dealers against defacing or stamping us dollar banknotes as such notes always fail authentication tests during processing or sorting

CBN has urged the public to accept old series and lower denominations us dollar notes as they are legal tenders.  The central bank says it has been inundated with complaints from the public in recent times on the rejection of old and lower denominations of us dollars bills.  It said authorized forex dealers, deposit money banks and authorized BDCS who reject these bills will be sanctioned.

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EFCC Raises Alarm Over Fraudulent Investment Schemes

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The Economic and Financial Crimes Commission (EFCC) has raised an alarm on, and warned Nigerians against, ongoing fraudulent investment schemes in the country.

The anti-graft agency, called these schemes scams, including, ponzi, forex trading and most recently bitcoin trading.

It expressed alarm at the rate at which Nigerians send petitions to the commission on fraudulent investments that promise high return with little risks to investors.

EFCC says many hapless citizens have lost, and are still losing, their hard-earned money to fraudsters, compounding the nation’s economic woes.

It further warned the general public to be wary of fraudulent schemes and resist the temptation of quick gain that could end in misery. It says, any investment that promises returns that look too good to be true should be considered a red flag. The commission reiterated its commitment to prosecute persons involved in such dubious schemes.

EFCC says the trend indicates that investment scams continue to thrive despite the enforcement and public enlightenment interventions by the commission and other stakeholders.

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