DSS Arrests Syndicates Selling New Currency Notes
Home News DSS Arrests Syndicates Selling New Currency Notes
News - January 30, 2023

DSS Arrests Syndicates Selling New Currency Notes

The Department of State Services (DSS) has arrested an organised syndicate involved in the sale of the newly redesigned naira notes. This was contained in a statement released by the DSS spokesman, Dr Peter Afunanya, today.

DSS revealed that during the course of its operations, it discovered that some commercial Bank officials were actively involved in economic malfeasance. It vehemently warned all racketeers of the new currency to desist from this ignoble act.

Also, Dr Afunanya charged appropriate regulatory authorities to intensify monitoring and supervisory activities to expeditiously address the emerging trends. He said, “appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address the emerging trend.” 

What the DSS is doing about the new currency hoarders?

Dr Afunanya noted that the “Service has ordered its Commands and Formations to further ensure that all persons and groups engaged in the illegal sale of the notes are identified.” 

The Service further called on individuals to report useful information relating to the illegal sale of the new naira notes, to the relevant authorities.

This development comes a day after the Governor of the Central Bank of Nigeria, Godwin Emefiele met with President Muhammadu Buhari and extended the deadline for the validity of the old N200, N500 and N1,000 naira notes from 31 January to 10 February.

The extension came in reaction to calls by Nigerians who struggled to meet the deadline because of the scarcity of the naira notes. The scarcity of new currencies despite claims of circulation by the CBN worried a lot of people, including state governments as it became a trending issue across social media platforms.

Recall that the Central Bank of Nigeria had earlier decided to phase out the appearance of some of its currency notes and replace it with newly designed notes with the support of the federal government. This financial action is part of an attempt to fix some of the monetary complications the country grapples with.

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