Naira Redesign: Trouble for Bankers as SSS Swings into Action, Arrest Those Selling New Notes

Naira Redesign: Trouble for Bankers as SSS Swings into Action, Arrest Those Selling New Notes

  • Nigerians involved in the sale of the newly redesigned naira notes have been warned to desist from such
  • This warning was handed to this group of Nigerians by the leadership of the State Security Service
  • The secret police also fingered commercial bank officials after it stated that some arrests have been made from its operations

Those selling the new naira notes have been warned to desist from such acts by the State Security Services (SSS).

In a statement issued on Monday, January 30, the spokesperson for the SSS, Peter Afunanya, said that the secret police has arrested some members of an organised syndicate selling the new naira notes across the country.

SSS, New naira notes, Nigeria, commercial banks
Bankers have been warned against getting involved in the sale of new naira. Photo: Bashir Ahmad
Source: UGC

While the SSS did not expose those arrested, Afunanya said the secret service would go after those involved in selling the newly redesigned naira.

He added that in the course of its operations, the SSS discovered that some Commercial Bank officials were aiding the economic malfeasance.

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He 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 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”.

New naira Notes: Finally Buhari Explains How CBN, Emefiele is Working to Ensure Nigerians Don't Suffer

President Muhammadu Buhari said that the Central Bank of Nigeria (CBN) led by Godwin Emefiele, is working to ensure a wide distribution of the new redesign naira notes.

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CBN promises to arrest and prosecute Nigerians selling new naira notes, lists targeted events to monitor

A statement signed by Garba Shehu, the presidential spokesperson on Saturday, January 28, said that there is ongoing improvement in the process of distributing the new notes by the apex bank.

President Muhammadu Buhari said the CBN is working to assure a hitch-free distribution of the new naira notes.

Shehu said that the decision to redesign the naira notes was aimed at addressing the hoarding of illicit funds across the country.

Naira redesign: Atiku wades in, drops his 2 cents on January 31 deadline in new video

Meanwhile, Atiku Abubakar of the Peoples Democratic Party (PD) called on the governor of the Central Bank of Nigeria to extend the deadline for the collection of old naira notes.

The flag bearer of the PDP said that the new monetary policy has brought untold hardship on many Nigerians.

According to Atiku, an extension of the deadline will address the hardship faced by many Nigerians.


Nnenna Ibeh avatar

Nnenna Ibeh Nnenna Ibeh is a journalist with over 10 years of experience with various media organisations including Premium Times. Being on the front burner of reporting politics and the different dimensions of governance, she is also passionate about girls' education and women's and children's health. With degrees in Journalism, Peace Studies & Conflict Res., and Dev. Studies, Nnenna has worked in the dev. sector as a communications officer for the Centre for Democracy and Dev. email:

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