Cash Dealers Exploit Nigerians, Naira Notes Sold At Cutthroat Rates

The hawking of naira notes at exorbitant rates has surged across Nigeria as citizens continue to grapple with limited cash availability in banking halls, despite repeated warnings and threats from the Central Bank of Nigeria (CBN).

EDITOR’S PICKS 

• PDP Declares Ethiope East Federal Seat Vacant Following Ibori-Suenu’s Defection to APC
• Retired Principals Call for Recognition and Better Welfare from Government
• BREAKING: IGP Egbetokun Orders Major Shake-Up, Deploys New AIG to Lagos FCID Annex

EKO HOT BLOG reports that the CBN recently reiterated its stance against the hoarding and diversion of cash by Deposit Money Banks (DMBs). In a circular dated November 13, 2024, signed by Acting Director of Currency Operations, Muhammad Olayemi, the apex bank warned that erring banks would face severe penalties. However, on-ground reports reveal that cash hawking continues to thrive in major cities.

A mint seller in Lagos disclosed selling N20,000 new notes for N27,000, attributing the high cost to bankers charging steep rates to access cash. A banker in the state revealed selling N200,000 in mint notes for N230,000, explaining that internal arrangements are often made to release cash for resellers.

Similarly, cash hawkers in Ogun State admitted buying directly from bank officials. One dealer revealed that N20,000 worth of mint in N200 denominations costs N25,000, while N100,000 is sold for N120,000. Fresh notes, they said, are in high demand for events like weddings and burials.

The practice is widespread. In Osun and Oyo states, hawkers confirmed secret deals with bank officials, who prioritize selling cash to high-paying clients. Some bank workers reportedly collaborate with dealers to profit from the scarcity, while major supermarkets and fuel stations in Imo State have turned to hawking cash for additional revenue.

Naira Notes Sold At Cutthroat Rates

Despite mounting evidence, the CBN remains largely unresponsive. Efforts to reach the Acting Director of Corporate Communications, Mrs. Hakama Ali, yielded no results.

Reacting to the situation, Mustafa Chike-Obi, Chairman of the Bank Directors Association of Nigeria, condemned cash hawking, calling for the arrest of culprits and attributing the issue to insufficient cash supply.

Human rights lawyer Festus Ogun urged security agencies to support the CBN in curbing cash hawking, while the Economic and Financial Crimes Commission (EFCC) and police have yet to respond to the allegations.

The rising cash hawking trend highlights ongoing flaws in the nation’s financial system, exacerbating the hardship faced by ordinary Nigerians.

FURTHER READING

• Ensure Available Of Naira Notes Nationwide -Shettima Tasks Banks
• Alleged Mass Killings: NHRC Seeks Justice For Victims
• Federal Government Allocates N700bn for Free Meter Distribution

---

Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611