Despite
the persistent scarcity of new naira notes, illegal currency hawkers
have continued to make brisk business by openly selling new notes in
different denominations on the streets and party venues.
Our correspondent gathered that the
currency hawkers bribed officials of the Central Bank of Nigeria and
Deposit Money Banks to obtain the new notes, which genuine bank
customers cannot get.
Investigations by our correspondent
revealed that tellers at the CBN front desks and branch service
officials in commercial banks were selling the currency at a margin of
10 per cent to currency hawkers.
For instance, it was gathered that a
bundle of N100 notes (N10,000) was being sold at N11,000, while a bundle
of N200 notes (N20,000) was being exchanged for N22,000.
Investigations also showed that the CBN
had recently been printing new notes but they were being hoarded and
sold to currency hawkers.
A source at the CBN, who craved
anonymity because of the sensitive nature of the issue, told our
correspondent that the bank had resumed printing of new notes.
“There was a time the CBN stopped
printing new notes for a while, but it has started printing N500 notes
in recent times,” the source said.
Some currency hawkers, who spoke with
our correspondent, confirmed the connivance of CBN and bank officials
with them with regards to the availability of new naira notes, adding
that they had insiders in the institutions who reserved new notes for
them.
One of the currency hawkers, who simply
identified himself as Tunde, told our correspondent, “The new notes are
not fake notes; they are money from the vault directly. We pay to get
these new notes from the vaults; we pay 10 per cent on every bundle.”
Another currency hawker disclosed that the higher denominations were been purchased by politicians and rich people.
“You will hardly see higher
denominations on the street, they are sought after by rich people who
prefer to go about with large denominations because of the huge amount
of money they carry about,” he said.
When contacted, the CBN said it was
aware of what it described as the unpatriotic behaviour of some
Nigerians, who, despite media sensitisation, had continued to sell new
naira notes to interested members of the public.
The Director, Corporate Communications,
CBN, Mr. Ugo Okoroafor said, “In its determination to nip the
unwholesome practice in the bud, the CBN has perfected its plan of
trailing such currency notes being sold to individuals, using the serial
numbers.
“The CBN is working in concert with the
police and other security agencies to arrest errant persons, and,
therefore, warns those bent on perpetrating the unlawful act to desist
forthwith or risk facing the long arm of the law.”
He, however, denied that the central
bank was engaged in the practice of hoarding new currency notes only to
release same to agents, who paid its officials commissions after selling
the mint notes to interested members of the public.
“The CBN does not have responsibility
for the supply of cash to Automated Teller Machines. ATMs are owned and
deployed by DMBs as well as independent outfits. It is the
responsibility of the banks and the other licensed outfits to generate
and load ATM-fit banknotes into the cash dispensing machines from cash
deposits,” Okoroafor said, while reacting to allegations that ATMs were
also dispensing dirty naira notes instead of new ones.
The vigorous campaign by the CBN against
subjecting the naira to all forms of abuses seems to have fallen on
deaf ears as Nigerians continue to sell and spray naira notes at social
events.
The CBN Act, 2007 had drawn public
attention to the indecorous treatment of the nation’s currency and
introduced legislation to this effect. It also prescribed a six-month
jail term or a fine of N50,000 or both for anybody found guilty of both
offences.
PUNCH
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