DSS intercepts syndicates selling new notes, bank officials implicated

The Department of State Services (DSS) has intercepted members of organised syndicates involved in the sale of the new naira notes. DSS spokesperson, Peter Afunanya, disclosed this in a statement yesterday.

Afunanya said the DSS, in the course of its operations in parts of the country, established that some commercial bank officials were 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 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,” Afunanya said.

AS members of the House of Representatives await the appearance of the CBN Governor, Godwin Emefiele, to answer questions over the cash swap policy, the Majority Leader of the House, Alhassan Ado Doguwa (APC, Kano), has expressed suspicion that Emefiele “misled” President Muhammadu Buhari on the redesign of the N200, N500, N1,000 notes.

Doguwa, who is chairman of the House Adhoc Committee, said he believes the President will take the right steps to remedy his action.

The lawmaker, who spoke on Channels Television’s Politics Today yesterday, said the naira swap will frustrate the 2023 general elections and doubted the sincerity of the CBN boss, who was once a presidential aspirant in the APC.

Explaining why he thinks the President was misled to approve the redesign of the three bank notes, the lawmaker said: “Perhaps, the President was presented with misleading briefing and he did not quite understand the implications therein. In such circumstances, the President is bound to act in a wrong direction. That is my suspicion and that is my own understanding.”

The APC stalwart said he met with the President on Sunday and he expressed his dissatisfaction, insisting that the CBN governor’s inability to honour the invitation by the green chamber is an affront to the CBN Act and the legislative arm of government.

Doguwa said the deadline extension by the President goes to confirm that he wasn’t fully briefed on the implications of the naira redesign before the implementation of the policy.

“It (the extension) goes to confirm to you that if the President was actually briefed ab initio of the implications and the outcome of the naira redesign, then definitely he won’t have come now to say let’s extend it by 10 days, which means there is an issue.

“So, I am sure Mr President will be one humble leader to understand when he is misled and he should be able to now come look at the right thing and take the right decision like he is doing now,” Doguwa stated, adding that the House will go ahead to issue an arrest warrant on the apex bank chief should he further fail to honour an invite by the lower chamber today.