DSS Intercepts Syndicates Selling New Naira Notes, Indicts Banks Officials
Operatives of the Department of State Services (DSS) have intercepted some syndicates selling the newly redesigned naira notes to members of the public.
The agency says investigations have implicated some officials of banks in aiding the illegal sale of the new naira notes.
DSS spokesman, Dr. Peter Afunaya, in a statement on Monday, said the syndicates were intercepted by the agency operatives during operations.
He said DSS formations and commands had been directed to track those selling the new naira notes in their areas of jurisdiction.
The Central Bank of Nigeria (CBN) had directed banks to load the new naira notes into their Automated Teller Machines (ATM). This is inorder to effectively circulate them, ahead of the deadline for the cash swap.
Last October 26, 2022, Rockcity FM reported that the apex bank through the governor, Godwin Emefiele announced the new naira notes which according to him would take effect from Thursday, December 15, 2022.
According to the report, the CBN announced that the old naira notes would seize to be regarded as legal tender on January 31, 2023.
On Monday, January 30, 2023 the bank extended the deadline for the swapping of the old n200, n500 and N1,000 notes with the newly redesigned ones, to February 10, 2023.
The CBN governor also announced a seven day grace period between February 10 and February 17 for the deposit of the old notes at the apex bank.
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Emefiele, addressing newsmen after the meeting, said the extension was to enable those with legitimate earned old naira notes to deposit them in banks.
According to him, the naira note was redesigned to address the issue of fraudsters who have hidden stolen money. This redesign will enable them to either find a way to change it by taking the money out or would not need it given the change in the value of the naira.
He list the second reasons as to aid in lowering the rate of inflation and also to deal a fatal blow to the growing kidnapping and ransom industry.
Emefiele in his explanation said the change in the naira notes is also intended to control the amount of money in circulation.
In furtherance to this pursuit, the CBN launched cash swap platform, a programme intended to increase the speed of circulation of the new banknotes and increase awareness ahead of the deadline for demonetization of the old notes.
It also provides an opportunity for Nigerians to swap old notes with new ones at super agent’s centres across the country.
The apex bank governor said about 75 per cent or n1.9 trillion out of the old naira in circulation had been returned to the vaults of banks.
According to Emefiele, this left n900 billion of the old notes still in circulation.
Customers who deposited their old notes in their accounts are still finding it difficult to get new notes in exchange.
