Hawkers sell redesigned naira notes at Zaria motor park

Hawkers sell redesigned naira notes at Zaria motor park

In the midst of a scarcity of new naira notes, hawkers of the newly redesigned notes have spread the popular Dadi Motor Park in Sabon Gari-Zaria, Kaduna State.

Large wads of different denominations of new naira notes were on show for potential buyers at the entrance to Dadi Motor Park in the Kwangila neighborhood of Zaria, according to the News Agency of Nigeria.

NAN’s investigation finds that a bundle of new naira notes in denominations of N200 notes was being sold for N30,000; N500 and N1,000 notes are being sold for N70,000 and N130,000, respectively; and N100 notes are being sold for N16,000.

According to Mohammed Bello, a new naira note hawker, depending on the note denominations, they paid between N70,000 and N130,000 to purchase brand-new N500,000 notes.

Mr. Bello refused to reveal the money’s origins or its sources of encumbrances, though.

Thomas Damina, a patron of the mints merchants and a resident of Gozaki village in Kafur Local Government Area of Katsina State, disclosed to NAN that he purchased the fresh N20,000 and N1000 notes for N25,000.

He claimed he was compelled to pay the expensive amount for the money in order to pay the laborers working on his dry-season farm.

“Traders in my community (Gozaki) are rejecting the old notes and the money is not available at the banks. I have no option than to buy from cash hawkers,” Mr Damina said.

NAN said that people flocked to the banks in an effort to trade in the new Naira notes before the deadline of January 31.

When NAN visited PZ, the commercial center of the old city of Zaria, the majority of the ATMs of certain commercial banks were not dispensing cash.

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Trading in Naira notes is illegal under Section 21 of the CBN Act, 2007, and is subject to punishment under that section’s Section 21 Subsection 4.

In spite the laws prohibiting hawking of naira notes and coins, the perpetrators were freely doing their businesses close to the police out post 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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