Nigeria: Senate Probes CBN Over Minted Naira Deals – Daily Trust

The Senate yesterday commenced probe of the Central Bank of Nigeria (CBN) and commercial banks officials over selling of freshly minted Naira notes.

Adopting the motion tagged, “urgent need to end the illicit trade in freshly minted Naira notes” sponsored by Senator Mao Ohuabunwa (PDP, Abia North), the Senate said a huge illicit industry has been built around trading on freshly minted Naira notes.

The Senate alleged that the trade was being carried out with the connivance of the CBN and commercial banks.

The Senate asked its committee on Banking, Insurance and other financial institutions to investigate the CBN and commercial banks officials for selling naira notes to illegal peddlers.

In his remarks, Senate President Bukola Saraki said the trade has been for a very long time and asked security agencies to ensure the enforcement of relevant laws.