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First with the News

Nigeria: Secret Police Arrests Syndicates Selling New Naira Notes

January 30, 2023
in Economy, Top Stories
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By Enyichukwu Enemanna

Nigeria’s secret police, the Department of State Services (DSS) on Monday said it has taken into custody some members of organised syndicates allegedly involved in selling the newly redesigned official currency, Naira notes to members of the public.

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Controversy had trailed the circulation of the redesigned 1000, 500 and 200 Naira notes which was last year redesigned by the central bank to among other things, check inflation.

A vast majority of Nigerians have alleged the scarcity of the notes ahead of the now shifted Jan. 31 date set for the old notes to lose their legal tender status.

“In the course of its operations, in this regard in parts of the country, it was also established that some Commercial Bank officials are aiding the economic malfeasance.

“Consequently, the Service warns the currency racketeers to desist from this ignoble act. Appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address the emerging trends”, DSS said in a statement issued by its Public Relations Officer, Peter Afunanya.

The service however was not specific on locations the arrests were made.

The service said it has ordered its commands and formations to further ensure that all persons and groups engaged in the illegal sale of the notes are identified.

It appealed for the support of the public in volunteering information relating to the marketing of the redesigned notes to relevant authorities for appropriate actions to be taken.

The apex bank had on Sunday announced a 10-day extension period for Nigerians to deposit their old Naira notes to commercial banks and other designated centres.

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