Senate tasks CBN on illegal hawking of new naira notes

The Senate has condemned the hawking, selling and otherwise illegally trading in new naira notes.

Adopting a motion sponsored by Mao Ohuabunwa (PDP, Abia North) and entitled, “Urgent need to end the illicit trade in freshly minted naira notes,” the upper chamber of the National Assembly urged the Central Bank of Nigeria to check the development in line with Section 21 of the CBN Act, 2007.

It also urged the apex bank to strengthen its system that audits the process of collation, processing and disposing of defaced and mutilated notes.

It also charged the CBN to investigate the allegation that commercial bank officials were indeed selling the fresh mints to the peddlers.

Ohuabunwa noted that a country’s currency was a national treasure deserving of a level of dignity and Nigeria should not be an exception.

He stressed that nation-wide, a huge illicit industry has been built around trading on fresh naira notes by certain individuals who engage in the touting and hawking of the nation’s treasure and legal tender.