House Orders Police, SSS to Arrest Peddlers of New Naira Notes

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Nigerian-Naira

Owing to low supply of new naira notes at various commercial banks, the House of Representatives has yesterday ordered the Nigeria Police and the State Security Service (SSS) to commence the arrest of peddlers of new Naira notes.

Hon. Nosakhare Isaac Osahon, who moved the motion that sought the urgent need to energise the fight against the trading in new notes, noted that section 21 (4) of the CBN Act 2007 criminalises the hawking, selling or otherwise of naira notes, coins or any note issued by the CBN.

“This act is encouraged by the persistent scarcity of new and lower naira notes, particularly the N5, N10, N20 and N50 across the country, thus creating an avenue for illegal currency hawkers to make brisk business of selling naira notes.

According to Osahon, “There is an unconfirmed report that these currency hawkers bribe some devious officials of the CBN to obtain the new notes which genuine bank customers are unable to get,” he said.
“At the hub of illegal currency trading around Dei-Dei junction in Abuja, hawkers receive N200 commission for every N1000 sold and for every N2000 they get no less than N400.”

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