Lagos police arrest eight Naira mint vendors

Naira notes
Naira notes

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)


PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


TEXT AD: To advertise here . Call Willie +2347088095401...

NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.