CBN | Police arrest 4 suspects for hawking, selling new Naira notes, recover N1.7m


The Central Bank of Nigeria CBN’s Enforcement Committee on the Abuse of the Naira, in a joint operation with the Police, have arrested four suspects for hawking and selling crisp naira notes.

The operation, which was carried out around Dei-Dei, Jabi and other locations in Abuja, led to the recovery of N1.7m and 4 suspects were arrested in connection with the act, which is contrary to sections 20 and 21 of the CBN Act, 2007.

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.

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.

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