Naira swap extension: We’ve arrested syndicates selling new notes- DSS

 

.POS operators charge N500 on N5000

.Bank customers commend CBN, say currency ‘ll circulate better

 

The Department of State Services (DSS) has intercepted some members of organised syndicates involved in the sale of the new redesigned naira notes in parts of the country.

DSS also stated that some Commercial Bank officials are aiding the economic malfeasance.

 

Meanwhile, POS operators are smiling to the banks as they are making brisk business from the scarcity of the naira notes.

Our correspondent who visited the stands observed that for every N5000 cash withdrawn from the POS operators, they charge N500 as additional fees against N100 they were collecting before the rush last weekend to end the swap of old naira notes.

Also, the POS operators were observed at the Automated Teller Machines ATM of banks withdrawing huge sum of money with different ATM cards and this has worsen the long queues at the ATMs.

A resident who said he had visited two ATM points , stated that POS operators should be checked.

” On Saturday, I went to two ATM points. I had left my  house before 7am and I didn’t get money to cash from the POS until 6pm.When I went to the first ATM, I noticed that some people were busy withdrawing money with different ATM cards. Some had about 15 cards on them. I waited patiently for my turn but as it was about to get to me, the ATM stopped dispensing cash. I was sad. I started going about until I got to  one of the banks and noticed a few people were on the queue. I decided to wait but the queue was slow. Then I noticed that the same scenario was playing out . Eventually, I got money to withdraw. However when I was heading home after paying for the ride, the bikeman collected new currency note from me and gave me old notes as balance. He said he didn’t have new notes. I had to accept”.

Speaking on the arrest , Peter Afunnaya the spokesperson for the DSS said “.

 

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 the 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.

 

Meanwhile, Some bank customers in the Federal Capital Territory (FCT), have commended the Central Bank of Nigeria (CBN) for the extension of deadline for the currency swap.

The News Agency of Nigeria (NAN) reports that CBN with the approval of President Muhammadu Buhari, on Sunday extended the deadline from Jan. 31 to Feb.10.

Some of the customers who spoke to NAN in Abuja on Monday, said the extension would avail time for the new notes to be in circulation adequately.

Mr. Simon Imuadu, a motorcyclist and a bank customer, said the CBN acted according to the yearnings of citizens.

Imuadu said the move would stop further exploitation by Point of Sale (PoS) agents.

”This is a very good idea because PoS operators use us to enrich themselves.

”A PoS operator collected extra N600 charge from me for the N2, 000 I withdrew on Saturday just because I asked for new naira notes.

”My colleague even said it is worse in their area. I was mad with the operator and I quarreled with him, but he told me to go to my bank and shout like that.

”I hope that with this extension, banks will have more of the new naira notes for us to withdraw,” he said.

Another customer, Mrs. Ifesinachi Adure, said the extension would help reduce the rush and queues at bank’s Automated Teller Machines (ATMs) spots.

Adure who appealed to the CBN to make more of the new notes available, said the extension would help the notes circulate, especially to the rural areas.

Another customer and a student, Miss Faith Iduoha, said the initial deadline of Jan. 31 affected some students as they were eager to get the new notes.

Iduoha said that some traders refused to collect the old naira notes even before the deadline.

”I missed some of my lectures on Friday because I was trying to use the ATM machine to collect the new notes.

”Some traders in my school refused to collect the old notes.

”I was very hungry and needed to eat something but did not have the new notes to spend, so, I had to go stand on the ATM queue for hours,” she said.

NAN reports that the CBN Governor, Mr. Godwin Emefiele had said that the approval for the extension by Buhari was due to measures put in place to ease scarcity of the new notes.

He also said that a seven-day grace period, would be given beginning from Feb. 10 to Feb. 17 in compliance with Sections 20(3) and 22 of the CBN Act.

Emefiele said the Act allowed Nigerians to deposit their old notes at the CBN after the February deadline when the old currency would have lost its Legal Tender status.

According to Emefiele, the CBN has taken some steps to achieve effective distribution of the new currency.