In light of the agony endured by Nigerians due to the currency’s scarcity nationally, economic experts have responded to the arrest of members of syndicates caught peddling the new naira notes.
Nigeria’s Secret Security, DSS, and Economic and Financial Crime Commission, EFCC, said on Monday that they had dismantled syndicates that were exchanging the banknotes in Abuja for money.
In the course of its activities, the DSS also discovered that Commercial Bank executives were encouraging economic misconduct, according to a statement released on Monday by Dr. Peter Afunanya, a spokesperson for the agency.
The Economic and Financial Crimes Commission (EFCC) also disclosed that it busted a network that was trafficking the new naira notes for profit in the Dei-Dei and Zone 4 neighborhoods of Abuja.
The crackdown by security personnel reinforced the suspicions that banking system saboteurs are obstructing efforts to circulate the new naira notes.
Idakolo Gbolade, a financial expert who spoke on Monday, said that saboteurs are to blame for the widespread shortage of fresh naira notes.
“The hoarding of the new Naira notes for profit is expected. The collaboration with bank officials to make a profit is distasteful. Their behaviour is also contributing to the scarcity of new notes.
“The measure by the DSS should serve as a deterrent to offenders. If the DSS can always track these BDCs and syndicates, it would help to have more of the notes in circulation for ordinary Nigerians to access.
“The CBN also shares in the blame due to the scarcity of the new notes which made these syndicates profit from the scarcity to the detriment of Nigerians.
“As good as the deadline is, the CBN needs to make the new notes available to Nigerians.”
