Police raid recovers over N12 million from illegal currency traders

The act of currency selling or trading for any reason is illegal but people still indulge in it at parties and other social events.

The Edo State Police Command has arrested eight suspects, who allegedly traded in Nigerian currency at different locations across Benin City, the Edo State  capital.

Parading the suspects yesterday, the state Commissioner of Police, Johnson Kokumo, said the “offence contravenes the Central Bank of Nigeria (CBN) Act,” which criminalises the sale of  Nigerian currency.

Kokumo warned bankers partnering with the traders to desist from such act as the police would not relent in their effort to rid the state of persons dealing in the illicit business.

‘In carrying out this order, the Nigeria Police, Edo State Command and the Department of the State Security Service (DSS) Benin, in collaboration with the Central Bank of Nigeria (CBN) engaged in an operation aimed at reinstalling illicit sale of the country’s currency notes.

“During the exercise the police arrested eight suspects (six males and two females). The sum of N12 ,580,235 was recovered from the suspects.”

Meanwhile, the CBN recently placed a ban on spraying money at parties, saying that “anyone caught in the act would pay a fine of N50,000 or risk six months’ imprisonment.”

Has the CBN properly sensitise the citizenry of the illegality of currency trading?

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