CBN, Police Jointly Raid Illegal Currency Traders

Godwin Emefiele, governor of CBN


THE Central Bank of Nigeria, CBN, enforcement committee on the abuse of the Naira in collaboration with the FCT Police Command raided different locations in Abuja to arrest perpetrators of alleged illegal trading and hawking of Nigerian currency.

The FCT Commissioner of Police, Muhammed Mustafa who made this known during a press conference in Abuja on Friday, said four illicit currency traders were arrested in Dei-Dei and Jabi areas of Abuja and over N1 million was recovered from them.

Mustafa said the raid is part of renewed effort of the Committee on the enforcement of sections 20 and 21 of the CBN Act, 2007 which prescribes the offence of selling, buying, spraying and squeezing of the Naira. He added that these offences are punishable with six months’ imprisonment or N50 thousand fine or both upon conviction.

He said, “The Committee wants to reiterate its unwavering stance and readiness to sustain its raiding of identified areas where naira is being abused.” He stated that those arrested are Iliyasu Musa, Awua Felix, Mercy Otuma and Abdulwahab Kusa.

In his remarks, the CBN acting Director, Corporate Communications Isaac Okorafor emphasized the CBN resolve to stop the illicit trading and trampling of the Naira. He warned that the CBN together with the Nigerian Police would embark on a nationwide raid at wedding ceremonies and social events to arrest people who spray the Naira and couples who trample on the nation’s currency.

He further warned that soon newly wedded couple would be arraigning for contravening sections 20 and 21 of the CBN Act. – Economic Confidential

—  Feb 13, 2017 @ 01:00 GMT


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