SSS Arrest Kaduna Naira Sellers

Operatives of the State Security Service (SSS) in Kaduna yesterday arrested five persons for engaging in the illegal business of buying and selling of new naira notes contrary to Sections 20 and 21 of the Central Bank of Nigeria Act of 2007.

They include Joshua Daniel, Sunday Igwe, Abubakar Musa, Jacob Ige and Sunday Agaba. They were also found violating the mandate bestowed on the CBN in the issuance of a legal currency.

Head of CBN’s Branch Security, Kaduna, Malam Atiku Mohammed speaking shortly after the suspects were paraded,  said they were arrested as part of efforts to enforce the provisions of the two sections of the CBN Act 2007. He said the sections prescribed as an offence, the selling, buying, spraying and squeezing of the Naira for which a six months imprisonment or a fine option of N50,000.00 or both are prescribed as penalties upon conviction.

According to him, the CBN has consistently embarked on enlightenment and sensitization across the country on the existence of the act, and the consequences for violating the act.

He added that the apex bank along with security agencies would not relent in the effort of sustaining raids on identified points of all forms of such abuses of the Naira.

The suspects were found with a large sum of 5, 10 and 20 Naira denominations. They will soon be charged to court.