The Leader of the Labour Party Caucus in the House of Representatives, Rep. Afam Ogene, has condemned the Central Bank of Nigeria for its unclear stance on the concurrent use of old and new Naira notes.
During the October 24 House plenary session, Ogene presented a motion calling on the CBN to clarify the validity of both currency notes and establish an effective cut-off date for the old notes by January 1, 2025, according to Independent.
Ogene expressed disappointment at the CBN’s lack of clear policy, describing it as a failure in regulatory responsibility.
He acknowledged an unintentional oversight in the motion, which failed to reference the Supreme Court’s decision on the continued use of both note types.
The House subsequently directed its Committee on Banking Regulations to engage with the CBN and report back within 21 days.
However, Ogene noted that the CBN’s response suggested that the legislative directive could disrupt the payment system.
Ogene questioned the dual use of currency, highlighting the poor condition of banknotes distributed by commercial banks. He emphasized that customers lose money due to torn and damaged notes.
The CBN’s currency redesign aims to bring more cash into the banking system, reduce counterfeiting, and promote electronic payments. However, the implementation has been marred by controversy.
The House’s intervention seeks to address the confusion and ensure clarity in the nation’s currency management.
Questioning the dual use of currency, Ogene asked, “Which country operates with two conflicting sets of currency notes? Wasn’t the CBN’s introduction of new notes intended to eventually phase out the old ones?”
