Illegal naira notes sales: DSS busts syndicate, arrests bank officials
…CBN vows to unveil errant bankers
As the Central Bank of Nigeria (CBN) suffers knocks over the scarcity of the new Naira notes which are unavailable to majority of Nigerians, the Department of State Services (DSS) has busted a syndicate selling the new Naira notes for gain.
The DSS on Monday disclosed that its officers have arrested an undisclosed number of persons involved in the sale of the new Naira notes.
In a statement by its spokesman, Peter Afunanya, the DSS indicted some commercial bank officials of aiding the criminal malfeasance.
in the statement titled, ‘DSS intercepted syndicates selling new currency notes, bank official implicated,’ the DSS disclosed it has ordered its Commands and Formations to hunt after all persons and groups engaged in the illegal sale of the notes.
The statement reads, “The Department of State Services hereby informs the public that it has intercepted some members of organised syndicates involved in the sale of the new redesigned naira notes. 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 trend.
“It should be noted that the Service has ordered its Commands and Formations to further ensure that all persons and groups engaged in the illegal sale of the notes are identified. Therefore, anyone with useful information relating to this is encouraged to pass the same to the relevant authorities.”
Recall that the CBN Governor, Mr. Godwin Emefiele had, while disclosing the extension of the swap of the old notes till February 10 by President Muhammadu Buhari, said the Apex bank would engage security agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to track those involved in the sale of the new Naira notes.
The scarcity of the new redesigned Naira notes had generated outcry in the past week in view of the January 31st deadline set by the CBN for the old notes to cease from being legal tender and their acceptance terminated.
The deadline had grounded economic activities till Sunday when the CBN Governor disclosed that President Buhari had approved the extension of the use of the old notes for transactions till February 10, while extending the timeline to revert all the notes back to the CBN till February 17.
Emefiele, who visited President Buhari in his hometown in Daura, Katsina State, told State House correspondents shortly after he met the President that 75 per cent of the N2.7tn held outside the banking system had been recovered.
“We are happy that so far, the exercise has achieved a success rate of over 75 per cent of the N2.7tn held outside the banking system. Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes; leveraging the Agent Naira Swap initiative as well as the CBN senior staff nationwide sensitisation team exercise.
“Aside from those holding illicit/stolen Naira in their homes for speculative purposes, we do aim to give all Nigerians that have Naira legitimately earned and trapped, the opportunity to deposit their legitimately trapped monies at the CBN for exchange.
“Based on the foregoing, we have sought and obtained Mr President’s approval for the following: 10-day extension of the deadline from January 31, 2023, to February 10, 2023; to legitimately held by Nigerians and achieve more success in cash swap in our rural communities after which all old notes outside the CBN losses their Legal tender Status.
“Our CBN staff currently on mass mobilisation and monitoring together with officials of the EFCC and ICPC will work together to achieve these objectives. A seven-day grace period, beginning on February 10 to February 17, 2023, in compliance with Sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.
“We therefore appeal to all Nigerians to work with the Central Bank of Nigeria to ensure a hitch free the implementation of this very important process for program,” the CBN boss has said.
Emefiele had vowed that Nigerians found selling, abusing or spraying the new Naira notes at public functions will be trailed and sanctioned by security operatives, stating that with each note having a unique number, abused currencies can be tracked to their users.
“For those involved in this, even if they are CBN staff members, they will be sanctioned. We will track them. Luckily, those new naira notes have trackers, we have their numbers because they have been issued.
“Once we see these numbers, we will track them and we will make public those that are involved in this business of selling new Naira. Whereas, there are people who are suffering in the villages that need those new notes, we will deal with them.
“We have passed on a few videos to the EFCC and they are going to track these people. It’s not about the CBN tracking them, it’s about the EFCC or the ICPC and independent enforcement institutions to go after them,” he said.
