Naira Hawking: A Disturbing Trend on the Rise

Hawking, selling, spraying and mutilating the naira are offenses punishable under section 21, subsection 1- 5 of the CBN Act of 2007.

Specifically, the Act stipulates that “spraying of, dancing or matching on the naira or any note issued by the CBN during social occasions constitute an abuse” and shall be punishable under sub- section ( 1) of the CBN Act.

According to the CBN Act, “Matching” includes spreading, scattering or littering of any surface with any naira notes or coins and stepping thereon, regardless of the value, volume, occasion or intent.” Spraying, on the other hand, includes “adorning, decorating or spraying anything or any person or any part of any person with naira notes or coins or sprinkling or sticking of the naira notes or coins in a similar manner regardless of the amount, occasion or the intent.”

The high rate of abuse of the naira by Nigerians has continued unabated over the years, but the issue is assuming disturbing and alarming dimensions in Imo, Anambra, Lagos, Abuja, Port Harcourt and major cities in the northern part of the country. In Imo State, it is a thriving business, particularly on the ever-busy Douglas Road, where most of the banks are located. These naira hawkers openly display new naira notes for sale and those who buy them, in turn spray them on people at public functions.

Regrettably, security agencies, over the years, have failed to bring the perpetrators of this unlawful act to book to serve as a deterrent to others.

Last December at Douglas Road, Owerri, some of the currency hawkers disclosed that they buy the new notes from the banks and in turn sell to members of the public with small profits. Asked how the transaction takes place and how much gain they make from, one of the naira hawkers said: “My madam has arrangement with the ‘ oga’ in the bank. She gets the new money from the bank and we sell for her. Let’s say I want to sell N10,000, the buyer will buy it for N10,500 or N11,000. So my own gain is the small addition.”

He confirmed that the business thrives more during festivities, when weddings, naming ceremonies, turbaning ceremonies and other activities are more.

Another currency hawker, who identified himself as Mohammed, also said most of the hawkers did not know the suppliers of the new notes. According to him, “we are only interested in our own gain like in any other business. Those who buy from the banks and the bigger dealers and they sell to us and make their own profit. They don’t disclose to us the identities of their suppliers because it is highly confidential. That was the agreement they reached with them. ”

He explained: “Depending on the market situation,

N100 notes of N1,000 bought at N1,250 can be sold to buyers at N1,300, which means that you gain N50 from every N1,000 sold.

Year in, year out, security agents arrest these naira hawkers, but free them after collecting bribe from them.

Recent investigations revealed that no fewer than 150 naira hawkers arrested in the last six months in Ogun, Lagos, Owerri, Anambra, Kano and Kaduna, paid various amount of money to obtain their release from police custody.

In Anambra State, seven persons, including a woman, were arrest with over N4 million during a joint operation by the Police, Department of State Services (DSS), and some CBN officials at the drugs and building material’s markets in the city.

Also recently, four persons, including a woman, were arrested at Ojuelegba and Tinubu Square, Lagos for selling new naira notes. The operation was also carried out in collaboration with some CBN officials.

The police in Lagos confirmed that N759, 200 was recovered from the suspects and vowed to unravel the source of the new naira notes, after which, the suspects would be charged to court. It was not clear whether the suspects were eventually charged to court or not.

Similarly, the police in conjunction with CBN officials in April apprehended six women for hawking new naira notes at Ijebu Ode, Sagamu and Abeokuta, Ogun State.

The women were said to have been hawking the new naira notes at the motor parks when they were arrested following a tip- off.

Various denominations of naira notes, totalling N1,560,000, was recovered from the suspects.

About a fortnight ago, 10 persons were arrested along Douglas Road, Owerri, Imo State, for hawking and selling new naira notes. About N5,565,670,00 of various denominations was recovered from them.

Parading the suspects before their arraignment last week, the state’s Commissioner of Police, Dasuki Galadanchi, gave the names of the suspects as: Udeze Kelechukwu, Onyeanusi Clement, Amakuru Mariam, Chinwendu Obi, Chibuzor Uzogu, Ann Ibekwe, Davis Iwuji, Obinna Johna and Solomon Dinyelu.

He said that the arrest and arraignment were in conformity with CBN Act, Section 20 and 21, which made it an offence for anybody to hawk, sell, spray or mutilate the naira notes, coins or any other notes issued by the bank.

Dasuki, who personally supervised the operation jointly carried out by the Police, DSS and CBN officials said it was aimed at curbing illicit sale of Nigerian currency.

Interesting, the CP has vowed that the Command will continue the clampdown until it completely rids the state of such criminal elements.

Last week’s arraignment of the arrested suspects in Imo State has been applauded by many, who viewed the development as a step in the right direction. They also commended the CBN for participating in the opera- tion as well its various sensitisation programmes on handling of naira notes.

Decrying the growing abuse of the naira during one of the sensitisation/ enlightenment workshops recently, the Governor of Central Bank, Godwin Emefiele, vowed that the perpetrators would be liable to a six- month imprisonment or a fine of N50, 000 or both in accordance with the provisions in the CBN Bank Act of 2007.

He noted that the nation’s currency serves as a symbol of national identity and should be accorded equal respect and dignity with her national flag.

While all these efforts by the CBN, Police and the DSS are highly commendable, analysts have opined that arresting the perpetrators and releasing them shortly after is not enough deter them or others from committing the offence.

“Yes, some arrests were made, how many of such culprits have been punished? It is not enough to arrest these criminal elements and release them minutes or hours later only for them to go back to the same illicit business. The only way to discourage such act is to ensure that the perpetrators face the full wrath of the law.

If some of them are jailed, others will not go back to the business”, said a security expert.

A retired police officer, who also spoke on the disturbing increase in naira hawking, noted that those who abuse the naira do it with impunity, oftentimes at public events attended by those who made the law and those who enforce it.

He also suggested that “arraigning the perpetrators before the court of law and ensuring that those found guilty are punished will deter others from committing the offence.”

According to him, apart from dissuading the perpetrators from committing further offences by imposing sanctions which demonstrate the adverse consequences of criminal activity, it will deter prospective offenders by instilling the fear of incurring similar sanctions.