The House of Representatives has directed the Nigeria Police and the State Security Service (SSS) to commence the arrest of peddlers of the new notes following reports of low supply of new naira notes at various commercial banks.
The lower chamber also called on the Central Bank of Nigeria (CBN) yesterday to work on a periodic replacement of old and mutilated naira notes.
Hon. Nosakhare Isaac Osahon, who moved the motion that sought the urgent need to energise the fight against the trading in new notes, noted that section 21 (4) of the CBN Act 2007 criminalises the hawking, selling or otherwise of naira notes, coins or any note issued by the CBN.
“This act is encouraged by the persistent scarcity of new and lower naira notes, particularly the N5, N10, N20 and N50 across the country, thus creating an avenue for illegal currency hawkers to make brisk business of selling naira notes.