Eight Arrested For Illegal Currency Trade - Lagos Police Command
By Ijeoma Esek
Lagos State Police Command says it arrested eight suspects for illegally trading in currency during a raid on markets in Ikeja.
The command’s spokesperson, Bala Elkana, said the arrests were made following credible intelligence reports as well as collaboration with the Central Bank of Nigeria and other security agencies.
According to the police spokespereon, the sum of over 2.4 million naira was recovered during the raid.
The police spokesperson noted that unauthorised trade in the local currency is punishable under the CBN Act for persons or group of persons.
If convicted, the offenders will be liable to imprisonment for not less than six months or a fine not less than 50,000 naira or both.