The House of Representatives has criticized the Central Bank of Nigeria (CBN) for its ambiguous stance on the validity of old and new Naira notes. Labour Party Caucus Leader, Afam Ogene, expressed concerns that the CBN’s lack of clear policy direction is causing confusion among Nigerians ¹.
This criticism comes after the CBN clarified that the Supreme Court’s latest ruling did not specify an end date for the old N200, N500, and N1000 notes. The House had previously asked the CBN to address the concurrent circulation of both old and new notes ¹.
Ogene emphasized that the CBN’s introduction of new notes was intended to replace the old ones, questioning why both sets are still in circulation. He also highlighted the issue of mutilated and torn notes from commercial banks, resulting in citizens losing significant amounts of money ¹.
The House has directed its Committee on Banking Regulations to engage with the CBN and report back within 21 days. The CBN responded by stating that the House’s decision could disrupt the country’s payment system, urging citizens to disregard the information ¹.
Key Concerns Raised by Ogene:
- Ambiguous Policy Direction: The CBN’s unclear stance on the validity of old and new Naira notes is causing confusion.
- Concurrent Circulation: Both old and new notes are still in circulation, despite the introduction of new notes to replace the old ones.
- Mutilated and Torn Notes: Commercial banks are dispensing damaged notes, resulting in significant financial losses for citizens.
- CBN’s Responsibility: The CBN should not shy away from its responsibilities to the banking public using legal technicalities
