ILLICIT SALE OF NAIRA NOTES, POLICE PARTNER CBN TO CLAMP-DOWN NAIRA VENDORS

Date:

On Thursday, September 13, 2018 the Imo State Police Command and the Department of the State Security Services (DSS) in collaboration with the Central Bank of Nigeria (CBN) carried out a sting operation, aimed at forestalling illicit sale of the country’s currency notes, the Naira.

The clamp-down on the Naira vendors and sellers is hinged on the Central Bank of Nigeria (CBN) Act section 20 and 21 that make it a punishable offence for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.

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Ten (10) suspects, comprising men women were arrested along Douglas road, Owerri during a raid supervised by the Commissioner of Police, Imo State Command, CP Dasuki D. Galadanchi.

A total sum of  #5, 565,670.00 Naira only consisting of various denominations was recovered from the suspects. Investigations have already commenced on the matter to ascertain the source or otherwise of the new naira notes.

The Nigeria Police, Department of State Security Services (DSS) and the CBN will continue this clamp-down on the perpetrators of this offence which is punishable under the CBN Act 2007 to a jail term not less than six months or to a fine not less than #50, 000 (fifty thousand Naira) or both.

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We assure you that the arrested persons would be charged to court as soon as investigations into the matter are concluded.

For the avoidance of doubt, acts of spraying the Naira notes at occasions, soiling and writing on it, squeezing it as well as hawking and selling of the country’s currency notes are abuse of the naira and are punishable under the law.

We want to use this opportunity to appeal to the public to desist from abusing the Naira as it is one of the symbols of our national identity.

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