The Department of State Services (DSS) has arrested certain members of organized syndicates engaged in the purchase and selling of new naira notes.

The Central Bank of Nigeria (CBN) had already extended the deadline for exchanging old naira notes for new ones to February 10th.

In a statement made on Monday, the DSS spokesman claimed that the accused syndicates who colluded with some commercial bank personnel had been apprehended.

The statement reads,

“The Department of State Services (DSS) hereby informs the public that it has intercepted some members of organised syndicates involved in the sale of the newly redesigned naira notes.

“In the course of its operations, in this regard in parts of the country, it was also established that some Commercial Bank officials are 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 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.”