House Orders Police, SSS to Arrest Peddlers of new Naria notes

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The low supply of new naira notes at various commercial banks has propelled the House of Representatives to direct the Nigeria Police and the State Security Service (SSS) to commence the arrest of peddlers of the new notes.

The lower chamber also called on the Central Bank of Nigeria (CBN) yesterday to work on a periodic replacement of old and mutilated naira notes, urging it to investigate its staff against the alleged practice of "bribe-for-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.

"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."