Police arrest suspected currency traders in Edo, recover N12m

Police arrest suspected currency traders in Edo, recover N12m

Suspected traders who sell the Naira in locations across the state has been arrested by the Edo State Police Command.

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. Kokumo said;

‘ 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.”

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