FIVE PERSONS IN POLICE CUSTODY FOR ABUSING THE NAIRA NOTES
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Joseph Omoniyi
Five persons have been allegedly arrested for mishandling the naira notes, in a joint operation by the officials of the Central Bank of Nigeria, CBN and Nigerian Police Force, NPF, in Ondo State.
This was to be seen as the first execution of the CBN pronouncement of capital punishment on antoyne illegally trading or ruffling the naira notes,
The suspects were accosted during a raid by the joint effort.
The arrest was confirmed by Mr. Femi Joseph, Police Public Relations Officer (PPRO) of the Ondo State Command.
Joseph justified the arrest by quoting CBN’s Act Section 20 and 21, by definition, offenders risk a 6 months jail term or a 50k fine.
Police officers often seen on mission drive around town in search of criminals only this time Naira criminals.
Joseph speaking further, said the arrest was made not just in one location but different operating spot of black marketer. Adding that initial investigation has commenced.
He said large sum of money consisting of various denominations was recovered from the suspects.
CBN has made its position clear on what it mean by Naira hawkers as any such person or representative of a company who is either not licenced or authorised to trade currency particularly Naira in the open market. This, it accompanied by list of certified BDC operator on Friday.
The effort to clamp down these “criminals” may backfire on availability of forex. Within the regulated Forex market, there exist an informal subset who relate directly with general public which is now primary subject of CBN witch hunt.
The sacred BDC operators are numbered who might necessarily not serve the growing demand for exchange by the populace who require Naira notes to meet different purposes including spraying at a party.
These direct exchangers are found in street corners and strategic locations beckoning on their next customers with such persuasive heat.
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