Police parades four currency traders
By: Adamu Musa
The Kaduna State Police Command North West Nigeria on 17th June 2019 paraded four currency traders who were arrested with N780,000 mint cash in Zaria and Kaduna.
According to the police, the sting operation jointly carried out by the police and operatives of the Department of Security Service (DSS) in collaboration with the Central Bank of Nigeria (CBN) last Friday aimed at cleansing the state of people trading in, defacing and abusing the naira.
Addressing the media over the arrest, the Kaduna state Deputy Commissioner of Police, Finance and Administration, DCP Onah Sunny, who spoke on behalf of CP Ali Janga, said, “during a joint operation carried out on Friday at about 1200hrs by the Nigerian Police Force (NPF), in collaboration with the Central Bank of Nigeria (CBN) and the DSS. The sting operation aims at forestalling illicit sales of the naira.
“The clampdown on the naira vendors and sellers is hinged on the CBN’s Act, Section 20 and 21 that make it a punishable offense for any individual or group of people to hawk, sale or otherwise trade in the naira notes, coins or any note issued by the CBN.
“The operation was very successful as four suspects, were arrested at various locations of the state during the raid supervised by the Commissioner of Police Kaduna State Command CP Ali Aji Janga Psc. A total sum of N798,000 mint cash of various denominations and other exhibits were recovered from the suspects. Investigations have already commenced on the matter to ascertain the source of the naira notes.
“The Nigeria Police Force and the CBN will continue the clampdown on the perpetrators of this offence, which is punishable under the CBN Act 2007. We want to assure the general public that, the arrested persons who are presently under our custody would be charged to court as soon as investigations into the matter have been concluded.
“Acts of spraying the naira notes at occasions, soiling and writing on the naira, squeezing the naira, as well as hawking and selling of the country’s currency notes, are abuses of the naira and are punishable by law.
“We equally want to use the opportunity to appeal to the general public to desist from these acts of abuse of the naira and report promptly to the nearest security agency any person seen doing such acts, as our currency is one of the symbols of our identity,” the DCP added.
Currency trading is blooming in Nigeria because mint Notes of different denomination are often spread in ceremony.
Investigation revealed that the naira vendors and sellers sells N10,000 mints for N8,000 .