Redesigned Naira Notes: Hawkers sell new notes at Zaria motor park

Despite the scarcity of the redesigned Naira notes in circulation, some people have been seen hawking them at exorbitant prices at Dadi Motor Park, Sabon Gari-Zaria, Kaduna State.

The News Agency of Nigeria (NAN) observed large wads of different denominations of the notes on display for prospective buyers at the entrance of Dadi Motor Park, Kwangila area of Zaria city.

A check by NAN reveals that a bundle of N200 notes was going for N30,000; N500 notes are being sold at N70,000 and N1,000 notes are selling at N130,000, while N100 is selling at N16,000.

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Mr Mohammed Bello, a new cash hawker, said they paid between N70,000 to N130,000 to obtain new N500,000 notes, depending on the denominations of the notes.

However, Bello declined to disclose the sources of the money and encumbrances.

NAN also observed that trading in the new Naira notes was receiving patronage as customers thronged the banks, rushing to beat the Jan. 31 deadline.

Most ATMs of some commercial banks at PZ, the commercial hub of the ancient Zaria city, were not dispensing cash when NAN visited.

Trading in Naira notes is in contravention of Section 21 of the CBN Act, 2007, which is punishable under Section 21 Subsection 4 of the Act.

In spite of the laws prohibiting the hawking of Naira notes and coins, the perpetrators were freely doing their businesses close to the police outpost at Kwangila, Sabon Gari Zaria.

Reacting to the development, DSP Mohammed Jalige, the Police Public Relations Officer, Kaduna State police command, assured that the police would swing into action against the crime.


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