New Naira Notes: Saboteurs responsible for shortage – Experts

Economic experts have reacted to the arrest of members of syndicates intercepted selling the new naira notes amid the suffering experienced by Nigerians over the currency’s scarcity nationwide.

On Monday, Nigeria’s secret security, the Department of State Services, DSS, and the Economic and Financial Crimes Commission, EFCC, said they busted syndicates trading the banknotes in exchange for profit in Abuja.

According to a statement on Monday by DSS spokesman, Dr Peter Afunanya, in the course of its operations, it also found that Commercial Bank officials were aiding economic malfeasance.

Similarly, the EFCC revealed that it apprehended a syndicate in Dei-Dei and Zone 4 areas of Abuja trading the new naira notes for profit.

The clampdown by security operators confirmed the fears that there are saboteurs within the banking system frustrating efforts to circulate the new naira notes.

Speaking with DAILY POST on Monday, a financial expert, Mr Idakolo Gbolade said saboteurs are contributing to the new naira notes scarcity nationwide.

“The hoarding of the new Naira notes for profit is expected. The collaboration with bank officials to make a profit is distasteful. Their behaviour is also contributing to the scarcity of new notes.

“The measure by the DSS should serve as a deterrent to offenders. If the DSS can always track these BDCs and syndicates, it would help to have more of the notes in circulation for ordinary Nigerians to access

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