• Thursday, February 29, 2024
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CBN, Police clampdown on Naira notes vendors


The Central Bank of Nigeria (CBN), the police and other security agencies have stepped up enforcement against illegal trading in Nigerian currency (Naira) notes across the country.

In Lagos, the nation’s commercial capital, at least eight persons have been arrested in connection with the illegal act, and they are to face prosecution.

Spokesperson of the Lagos police command, Bala Elkana, said on Sunday that operatives of the command, acting on
credible intelligence, in collaboration with the CBN and other sister security agencies, raided markets within Ikeja and environs where the currency notes were being illegally traded.

“The operation was carried out on Friday, 12th and Saturday 13th July, 2019. Eight suspects namely, Adetoro Adijat ‘f’, 37; Mahmoud Ayoola ‘f’, 42; Eze Madu ‘m’, 27; Olorunfunmi Shakirat ‘f’, 38; Akonji Julius ‘m’, 40; Olalekan Kadri ‘m’, 23; Akinsonya Abiodun ‘m’, 34; and Adeniyi Yetunde ‘f’ 30, owere arrested in connection with the crime.”

Elkana added that a total sum of N2,440, 55 million mint of different denominations, used in the illicit trade and other exhibits had been recovered from the suspects who now in custody.

Investigations, he said, are ongoing to ascertain the sources of the mints currency.

He said that suspects would be charged to court under section 20 and 21 of the CBN Act 2007.

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Under the CBN Act, it is a punishable offence for any person or group of persons to hawk, sale or otherwise trade in the naira notes, coins or any note issued by the apex bank.

Upon conviction the offenders may be liable to imprisonment for not less than six months or a fine not less than N50,000 or both.

The police warned members of the public to note that, acts of spraying the naira notes at occasions, soiling and writing on the naira, squeezing as well as hawking and selling of the country’s currency notes, are abuses of the naira and are punishable by law.

“We all have a duty to protect the naira as our currency forms part of the symbols of our national identity.

The command thereby, appealed to the general public to report any person or group of persons seen abusing the naira to the police or any law enforcement agency,” said Elkana.