New Naira Notes: POS Operators, Syndicates Feast On Helpless Nigerians

• Brisk business in FCT as residents face tough times
• DSS, EFCC nab currency racketeers, others

BY OUR CORRESPONDENTS – Amidst cheers and criticisms trailing the Central Bank of Nigeria (CBN)’s decision to extend the deadline for its Naira swap policy, it is indeed a brisk business for POS operators and dubious syndicates who now sell the new Naira notes for profits in Abuja, the Federal Capital Territory (FCT).

This is as the Department of State Services (DSS) and Economic and Financial Crimes Commission (EFCC) made separate claims of having intercepted some syndicates in parts of the country involved in alleged sales of the redesigned Naira notes

Hard pressed by this illegal trade on the Naira are small businesses, especially traders and artisans, who are finding it extremely difficult to access the new notes or even the old ones whose lifespan will finally expire on February 10, 2023, as directed by the CBN.

Our Correspondents, who went around the Abuja City Centre on Monday, report that most operators of POS machines complained of not having cash, either old or new to service their customers.

In the majority of the locations visited, the POS stands were deserted for long periods with the excuse that operators have gone to the banks in search of money to meet customers’ demands.

At the popular UTC, trading malls, and commercial areas around Area 10, Garki and Wuse Market, aside from the obvious scarcity experienced, business operators and their customers spent time going around in search of the Naira.

Visible disappointment and anger trailed the queues noticed around some POS stands where the new notes were being sold openly to members of the public with every N10,000 attracting N1000 profit while the old notes went for between N300 and N500 for the same N10,000 withdrawal.

Besides the various commercial banks’ branches across the city that became beehives of activities, the popular Commerce Plaza behind the old Federal Secretariat, Area One and Two Shopping Centres in Garki, as well as the Markets in Utako, Garki 2 and Gudu districts also had businesses and customers complaining to no end on the need for CBN and relevant authorities to urgently address the situation and check the untold hardship being suffered by innocent Nigerians.

DSS Intercepts Syndicates Selling New Notes

With the currency scarcity bitting hard, the Department of State Services (DSS) on Monday claimed to have intercepted some syndicates for allegedly selling the newly redesigned Naira notes in parts of the country

A statement issued by the Service’s Public Relations Officer, Dr Peter Afunanya, in Abuja, said the syndicate was caught by DSS operatives during an operation, even as it disclosed that; “Investigation has also shown that some Commercial Bank officials were aiding the economic malfeasance.

The statement further said; “Consequently, the Service warns the currency racketeers to desist from this ignoble act”, adding that; “Appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address the emerging trends”

The Secret Police Spokesman also said all its commands and formations nationwide have been directed to further ensure that all persons and groups engaged in the illegal sale of the notes were identified.

He, therefore, urged anyone with useful information relating to the sales of the new currency to pass the same to relevant authorities.

EFCC Nabs Currency Racketeers In Abuja, Engage Banks’ Officials

Cheering news also came from the Economic and Financial Crimes Commission (EFCC) its operatives have nabbed members of a syndicate of currency racketeers hoarding and trading with the redesigned Naira notes.

The anti-graft agency confirmed that the feat was recorded in separate operations at the Wuse Zone 4 and Dei Dei axis of the FCT on Saturday, January 28, and Monday, January 30, 2023

EFCC’s Head, of Media and Publicity, Wilson Uwujaren said; “The operation followed intelligence on activities of unscrupulous currency speculators who were exploiting desperate citizens by offering them new Naira notes for foreign currencies at below the going rate.”

According to Uwujaren; “The suspects have made useful statements, including a disclosure that they were acting in cohort with some unscrupulous officials of Money Deposit Banks”, stressing that “The Commission will extend the operation to all the major commercial centres of the country until all the syndicates involved in the illegal trade are demobilised.”

The statement, which warned financial system operators to desist from the sharp practices or risk arrest and prosecution, further disclosed that; “Zonal Commanders of the EFCC today (Monday), also met with officials of various banks in their Commands in an effort to ascertain the volume of the new notes issued to the commercial banks and how the banks were dispensing the monies to their customers.

“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.”