The scarcity of the new naira notes has now become a thorn in the flesh for Nigerians as currency racketeers have taken advantage of the situation for exploitation.
According to a Punch report, black marketers are now selling the new notes to those who cannot endure the long queues at Automated Teller Machine stands.
“We normally sell N10,000 for N13,000 and N20, 000 for N26,000. I will provide all the denominations you want. I have N200, N500, and N1,000 new naira notes,’’ a currency seller, Abdul Mohammed, operating under the Dei-Dei pedestrian bridge in the Federal Capital Territory disclosed.
In some parts of Lagos and Ogun states, including Ikeja, Egbeda, Ikotun, Idimu and Magboro, it was found that the racketeers had taken over the naira swap initiative in alleged deals between them and some bankers.
A resident, who chose to speak on condition of anonymity, said, “I went to the Access Bank to withdraw some money. Out of all the nine Automated Teller Machines on the bank premises, only one was dispensing the new notes with a N20,000 withdrawal limit.”
“However, due to the long queue of customers on the bank premises, a woman whom some people had accused of using different ATM cards to empty a nearby Zenith Bank machine began to sell the new notes to those who could not withstand the long hour on the queue,” she narrated
According to her, the lady charged N1,000 per N10,000 and N5,000 per N100,000 for the new notes.
One of the black market operators in Ikeja who does not want her name on print said, she charges as much as N500 for N5000 cash withdrawal.
She said, “I had to pay the cashier at the bank to get the new notes and that’s even because I’m a regular customer at that branch. Even at that, I still spend hours in the banking halls.
Meanwhile at the Computer village, in Ikeja, Lagos State, it was observed that a number of shop owners were selling new notes to customers.
One of the shop owners said, “I have been gathering the new notes for two weeks now. I was lucky to get some at a party I attended on Saturday. However, I had to pay some fees to buy additional new notes. I’m glad I am making some profit from this.”
Yet, scores of bank customers are subjected to long queues at ATM stands all over the country.
The long queues were worsened by the ban on over-the-counter withdrawal of new notes in banks.
On the hike in charges by the PoS operators, Olojo blamed the limit imposed by the apex bank, adding that operators have to go out of their way to get cash.
He said, “People are going through a lot to get these monies out, there are no monies in the banks or ATMs. They spend a lot on transport to get them and Nigerians can see that the new notes are not available.
“There are pictures and videos of Nigerians struggling in queues and this is just a clear indication of a faulty system.
“We understand the CBN means well for Nigeria but if the objective is to fight inflation and curb corruption, why should it affect the common man? It is unbearable.”
Meanwhile, the Department of State Services has said its operatives have arrested an undisclosed number of persons involved in the sale of the new naira notes.
The service in a statement on Monday by its spokesman, Peter Afunanya, accused unnamed commercial bank officials of aiding the crime.
The statement, titled, ‘DSS intercepted syndicates selling new currency notes, bank official implicated,’ read in part, “The Department of State Services hereby informs the public that it has intercepted some members of organised syndicates involved in the sale of the new redesigned naira notes.
‘’In the course of its operations, in this regard in parts of the country, it was also established that some commercial bank officials are aiding the economic malfeasance.
‘’Consequently, the Service warns the currency racketeers to desist from this ignoble act. Appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address emerging trends.
‘’It should be noted that the Service has ordered its commands and formations to further ensure that all persons and groups engaged in the illegal sale of the notes are identified. Therefore, anyone with useful information relating to this is encouraged to pass the same to the relevant authorities.”
