February 05, 2017

CBN, Police Arrest 4 Persons Caught Hawking New Naira Notes


4 persons, have been arrested by the police and Central Bank of Nigeria CBN’s Enforcement Committee on the Abuse of the Naira, for hawking and selling crisp naira notes.
The suspects were arrested along Dei -Dei, Jabi and other locations in Abuja, and over N1.7m were recovered. The offence contravenes sections 20 and 21 of the CBN Act, 2007. .

 Mr. Isaac Okoroafor, CBN’s Acting Director, Corporate Communications, promised  that staff of the apex bank found complicit in the act of illegal trading and hawking of the naira, will be prosecuted alongside commercial bank workers found wanting, will also be prosecuted.

The suspects according to the FCT Police Commissioner, Mr. Muhammad Mustafa, are 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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