Lawmaker slams CBN, says ‘Indecisiveness on Naira notes hurting Nigerians’

House of Representatives member Afam Ogene, Labour Party Caucus Leader in the House of Representatives, on Friday, criticized the Central Bank of Nigeria (CBN) for its indecisiveness regarding the validity of old and new Naira notes

The lawmaker made his stance known via a press release.

The controversy surrounding Nigeria’s currency began when the CBN introduced new notes, sparking confusion among citizens. The House of Representatives intervened, directing its Committee on Banking Regulations to interface with the CBN and report back within 21 days.

Ogene questioned the CBN’s intentions, asking, “Which country in the world runs its economy with two different sets of unidentical currency notes?” He emphasized that introducing new notes aimed to replace old ones, yet both coexist, causing difficulties for Nigerians.

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“The CBN’s lack of policy direction is embarrassing,” Ogene said. “What was the intention of the CBN in introducing new sets of notes; was it not with an aim at eventually replacing the old sets?”

“The CBN, as the country’s apex bank and regulator of the sector, cannot hide under the legalese of ‘deadline ad infinitum’ to shirk its responsibilities to the banking public,” Ogene stressed.

Key Issues

1. Dilapidated Currency: Ogene decried the poor condition of currencies from commercial banks, resulting in citizens losing N5,000 to N10,000 for every N100,000 cashed due to mutilated and torn notes.
2. CBN’s Lack of Direction: Ogene found the CBN’s lack of policy direction embarrassing, despite acknowledging the mix-up or omission of the Supreme Court’s subsisting pronouncement.
3. Payment System Disruption: The CBN claimed the House’s decision was “calculated to disrupt the country’s payment system,” urging citizens to disregard the information.

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