(Robyn Dixon)The officials were arrested last week and are due to appear in court Tuesday.
The EFCC was set up in 2003 by President Olusegun Obasanjo to crack down on corruption.
Six central bank staff and 16 officials from Nigerian commercial banks will face charges, the Economic and Financial Crimes Commission announced in a statement Monday.
The alleged racket involved substituting pieces of cut-up newspaper for defaced or mutilated bank notes that were being sent to be destroyed, the EFCC said.
The charges included fraud, Internet and advance-fee scams, forgery and illegal dealing in oil.
But critics argue that the commission has been ineffectual, prosecuting mainly low-ranking officials.
Robin Kirkpatrick is Professor of Italian and English Literature and has written a number of books on Dante and on the Renaissance.
He is particularly interested in the relationship between Italian and English literature from 1300 to 1600 and in the Modern Period.
(Robyn Dixon)“Instead of carrying out the statutory instruction to destroy the currency, they substituted it with newspapers neatly cut to naira sizes and proceeded to recycle the defaced and mutilated currency,” the statement said.“The fraud is partly to blame for the failure of government monetary policy over the years as currency mop-up exercises by the [central] bank failed to check the inflationary pressure on the economy,” the statement said.The five men and one woman from the central bank staff were pictured on the EFCC website holding up signs with their names and alleged offenses: conspiracy, abuse of office and theft.