Home Business Lagos Police Arrest Eight Illegal Naira Traders

Lagos Police Arrest Eight Illegal Naira Traders


The Lagos State Police Command says it has raided markets within Ikeja and arrested eight suspects dealing in illegal currency trading.

The command’s Spokesperson, Bala Elkana, said the police team acted on credible intelligence reports, in collaboration with the Central Bank of Nigeria (CBN) and other sister security agencies.

Mr Elkana said in a statement on Sunday in Lagos that the operation was carried out on Friday and Saturday.

He said that a cash sum of over N2.4 million mint of different denominations used in the illicit trade and other exhibits were recovered.

According to him, an investigation is ongoing to ascertain the source of the mints currency.

“The suspects will be charged to court under Sections 20 and 21 of the CBN Act 2007.

“It is a punishable offence under the CBN Act for any person or group of persons to hawk, sale or otherwise trade in the Naira notes, coins or any note issued by the Central Bank of Nigeria.

“Upon conviction, the offenders will be liable to imprisonment for not less than six months or a fine not less than N50,000 or both.

“It is important for members of the public to note that acts of spraying the Naira notes at occasions, soiling and writing on the Naira are abuses of the naira and are punishable by the law.

“Also, acts of 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 all have a duty to protect the Naira as our currency forms part of the symbols of our national identity,’’ the command spokesman said.

Mr Elkana then appealed to the general public to report any person or group of persons seen abusing the Naira to the police or any law enforcement agency. (NAN)



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