Syndicate Hoarding New Naira Notes Arrested By DSS

A syndicate hoarding new Naira notes and reselling to the public has been arrested by the Department of State Services (DSS).

This is coming amidst difficulty by Nigerians to obtain the new naira notes.

The Department of State Services (DSS) said it has intercepted some syndicates in parts of the country for allegedly selling the new redesigned Naira notes.

News of the interception of the syndicate hoarding new Naira notes was broken in Abuja today by the Public Relations Officer of the DSS, Dr Peter Afunanya, via a statement.

“Investigation has also shown that some Commercial Bank officials were aiding the economic malfeasance.

“Consequently, the Service warns the currency racketeers to desist from this ignoble act.

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Long queue for the new Naira notes

“Appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address the emerging trends,” he said.

The DSS spokesman added that the service had taken more proactive measures relating to the issue, ordering its commands and formations to further ensure that all persons and groups engaged in the illegal sale of the notes were identified.

He also urged Nigerians with useful information on the issue of sale or hoarding of new Naira notes to volunteer same to appropriate authorities.

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The Eagle investigations show that desperate Nigerians especially traders, had begun rejecting the old Naira notes afraid not to be caught in the web of deadline already set by the Central Bank of Nigeria.

An elderly man, Mr Johnson Odia told The Eagle correspondent yesterday that his children had difficulty buying with the old notes.

“A nearby shop where we normally buy provisions said it was no longer accepting the notes.

“This was in spite of reminders that the CBN had already extended the deadline”, he explained.

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Mrs Janet Olofowokan, a housewife told our correspondent at Olambe neigbuouhood of Ogun, that she had a tough time, within the weekend trying to access new Naira notes from the Automatic Teller Machines (ATM).

All of a sudden, a black market for the new naira notes, just like for dollar and pounds appear to emerge. With a syndicate hoarding new Naira notes, regulatory agencies are expected to get on top of the whole situation and free Nigerians from more hassles.