Six persons, identified as members of a syndicate engaged in illegal sale and distribution of the Naira have been arrested by the police in Lagos.
This followed a joint operation by the Nigeria Police and the Central Bank of Nigeria.
They were said to have been arrested in Oshodi and Lagos Island. The suspects were arrested N855,290 in denominations of N20, N50 and N200.
According to the police, the suspects have violated Section 21, sub-section (4) of the Central Bank of Nigeria Act, 2007 and shall be brought to justice accordingly. The law makes it a punishable offence for any person to hawk, sell or otherwise trade in the naira notes, coins or any other note issued by the Central Bank.
It is also an offence punishable under the Act to spray, dance or match on the Naira note or any note issued by the Central Bank during social occasions.
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