Nigeria busts forex syndicate, retrieves US$427,400 fake dollar bills

In a statement posted on their Facebook page, the EFCC said they, "arrested members of a syndicate who specialize in counterfeiting foreign currencies, especially the dollar, for sale to unsuspecting members of the public."

EFCC operatives acted on verified intelligence in a joint operation with operatives of the National Drug Law Enforcement Agency, NDLEA, leading to the arrest of four members of the syndicate on Wednesday, December 8, 2021.

They were arrested at Swiss Pearl Continental Hotel, Koforidua Street, in the Wuse 2 Area of Abuja with $427,400 fake United States Dollars.

It is not the first time the EFCC has made such a bust. Similar busts were made in Kaduna in northern Nigeria and another 20 million bust in Lagos as well.