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Nigeria: Bank executives charged in $40mn 'currency swap' scam

  • Six executives of the Central Bank in Nigeria face charges in a $40-million scam that involved replacing old notes with newspaper pieces.

    The suspects allegedly replaced worn-out, defaced and torn notes, which were meant to be destroyed, with newspaper that was cut into the naira notes’ shape.

    The newspaper ‘notes’ were then destroyed and the old notes brought back into circulation.

    Sixteen commercial bankers were also charged with conspiracy and arrested.

    Tagged as: Central Bank, Nigeria, old notes, newspaper, Nigerian scam, commercial bankers, business news