Indications have emerged that the Economic and Financial Crimes Commission is set to raid new naira note racketeers in key commercial cities including Lagos, Port Harcourt, and Kaduna.
The commission indicated this on Tuesday when it disclosed that it had arrested members of a syndicate of currency racketeers trading in the redesigned naira notes at Zone 4, Wuse and Dei-Dei axis of the Federal Capital Territory, Abuja.
The PUNCH reports that the CBN had extended the deadline for the validity of the old N200, N500 and N1,000 notes from January 31 to February 10. The anti-graft agency also urged financial market operators to ensure compliance with the guidelines set by the CBN. “The commanders urged the financial market operators to ensure compliance with the guidelines set by the Central Bank of Nigeria while disclosing that they have dispatched operatives across their commands to monitor the level of compliance by banks and other operators in the financial market.”The apex bank has asked commercial banks to stop multiple debit card withdrawals as it stepped up efforts to implement a seamless currency change regime.
“No payment of new notes over the counter. Banks are only allowed to release new notes via ATMs. Corporates that require cash should only be given the old N100 notes and below. Corporates must not be given new notes. While speaking with our correspondent at the banking hall of the United Bank for Africa located by Leventis, Marina, Adewale Adebayo said the banks were out to punish the masses.
But Emmanuel Anoro believed the decision was the right one considering the depreciation in the value of the naira. “I use this money for my business; how can I be handing out N50 naira to customers. We can’t get money at the ATMs. I have had to buy old notes from people who have them. This is so frustrating, I wish the deadline was not extended.
Speaking on the condition of anonymity, a trader in Mowe, Ogun state, said, “Right now, my money is stuck; about N5000. I tried to transfer to buy a pack of drinks and the transaction failed. The PoS operator did not get the money and now my money is hanging. My husband tried to go to the bank to complain but the sight of the mammoth crowd dissuaded him.”
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