Naira Redesign: Currency Hawkers Thriving At Popular Northern Motor Park, Sell New Notes at Exorbitant Rates
- The scarcity of the new naira notes is causing a high rise in mint vendors selling the newly redesigned naira notes at exorbitant rates
- Checks revealed that some mint vendors at the Dadi Motor Park, Sabon Gari-Zaria, Kaduna State are now selling on the high side
- It was gathered that they now sell the new N200 notes for N30k; N500 notes for N70k and N1000 notes for N130k
Kaduna, Zaria - Amid the scarcity of the new naira notes, hawkers of the newly redesigned notes have littered the popular Dadi Motor Park, Sabon Gari-Zaria, Kaduna State.
According to Daily Nigerian, these hawkers sell the new naira notes at jaw-dropping exorbitant rates.
Source: Getty Images
Checks reveal that these hawkers sell different denominations of the newly redesigned notes ranging from N100 notes which sell for N16,000, N200 notes which sell for N30,000; N500 notes which sell for N70,000 while the N1000 notes sell for N130,000.
Giving an account of this development, one of the hawkers of the new note, Mohammed Bello said he purchased the new N500 notes for the sum of N70,000 to N130,000.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
When asked to disclose the source of the money, he declined to give further information about their operation.
Residents give account
Meanwhile, a resident of Gozaki village in Kafur Local Government Area of Katsina State revealed that he got N20,000 of ten pieces of the new N1000 notes for N25,000.
The man who said his name was simply Damina said he has no choice but to purchase the new naira notes at a high rate because he needed to pay labourers working on his farm land.
He said:
“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.”
Further investigation around Zaria revealed that the trading of the new naira note is thriving in Zaria in a bid for residents, businesses and other ventures to meet the CBN deadline of January, 31.
It was however gathered at ATMs of some commercial banks in the Zaria axis of Kaduna state are not dispensing cash.
What does the constitution say about trading Naira illegally
The statutory provision of the law prohibits the act of selling the naira notes as it is a punishable offence that is stipulated in section 21 sub-section 4 of the CBN Act of 2007.
Though the law clearly states the repercussion of this act, yet, these hawkers are still violating the CBN act and doing this business not far from the police post at Kwangila, Sabon Gari Zaria.
In reaction to this development, the police spokesperson of the Kaduna state police command, DSP Mohammed Jalige revealed that immediate action will be taken by the police operatives to clamp down on the perpetrators of this act.
Source: Legit.ng
