CBN, Police Arrest Four Suspects Over Illegal Currency Trade In Abuja. Photos

The days of hawking and selling crisp naira notes may be over, as the Central Bank of Nigeria (CBN), and the Federal Capital Territory (FCT) Police Command, have arrested four suspects in connection with the trade. The CBN’s Enforcement Committee on the Abuse of the Naira, in a joint operation with the Police, raided many locations in the FCT between Wednesday and Thursday....

The operation, which was carried out around Dei-Dei, Jabi and other locations, led to the recovery of One Million, Seven Hundred and Thirteen Thousand, Two Hundred Naira.

Four suspects were arrested in connection with the act, which is contrary to sections 20 and 21 of the CBN Act, 2007. At a press briefing yesterday, CBN’s Acting Director, Corporate Communications, Mr. Isaac Okoroafor, vowed that staff of the apex bank found complicit in the act of illegal trading and hawking of the naira, will be prosecuted. 

He said commercial bank workers found wanting, will also be prosecuted. On his part, the FCT Police Commissioner, Mr. Muhammad Mustafa, said suspects, upon conviction, were liable to six months imprisonment.

According to the CP: “The raid which is part of the renewed effort of the Committee on the enforcement of the provisions of the aforemen-tioned sections of the CBN Act, 2007, which prescribes the offence of selling, buying, spraying and squeezing of the Naira for which, six months imprisonment or an option of N50, 000 fine or both are prescribed as penalty upon conviction.”