Naira Abuse: Eight Suspects Face Jail in Lagos

Matilda Omonaiye/

The police in Lagos are prosecuting eight suspects arrested for abusing the Naira at the weekend.

According to the Lagos State police spokesman, DSP Bala Elkana, the suspects were arrested on Friday and Saturday during a joint operation with officials of the Central Bank of Nigeria and other security agencies.

“The offenders are liable to imprisonment for not less than six months or a fine, not less than N50,000 or both,” says Elkana.

According to Elkana, a total sum of N2, 440, 550 mint notes of different denominations were seized from the Naira vendors who were arrested during a raid on markets within Ikeja and its environs where Nigerian currency is allegedly illegally traded.

The suspects were identified as 37-year-old Adetoro Adijat, Mahmoud Ayoola, 42; Eze Madu, 27; Olorunfunmi Shakirat, 38; Akonji Julius, 40; Olson, Olalekan Kadri, 23; Akinsonya Abiodun, 34, and Adeniyi Yetunde, 30.

Elkana stated: “Investigation is ongoing to ascertain the source of the mints currency. The suspects will be charged to court under section 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, sell 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, 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 thereby 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.”

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