Reps Criticize CBN Over Confusion Surrounding Old Naira Notes

The Labour Party Caucus Leader in the House of Representatives, Afam Ogene, has condemned the Central Bank of Nigeria (CBN) for its ambiguous stance regarding the validity of both old and new Naira notes.

This criticism follows a recent clarification from the CBN in light of a Supreme Court ruling that failed to specify an end date for the old ₦200, ₦500, and ₦1000 notes.

Ogene, in a statement from Abuja, expressed concern that the CBN’s lack of clear policy is causing confusion among the public.

“Which country in the world runs its economy with two sets of unidentical currency notes?” he questioned, highlighting the challenges this creates for economic stability.

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On October 24, the House passed a motion initiated by Ogene, urging the CBN to clarify the status of old notes, as the motion aimed to resolve the overlapping circulation of both currency types.

He acknowledged an “unintended factual error” in the motion, attributing it to the CBN’s unclear directives.

In response, the CBN warned that the House’s resolution could disrupt the payment system and advised the public to disregard it, referencing the Supreme Court’s recent decision.

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However, Ogene urged the CBN to take responsibility and ensure that citizens are not misled by “legal ambiguities.”

Also, he raised concerns over the quality of currency notes dispensed by commercial banks, noting that citizens are losing substantial amounts due to damaged notes.

Ogene called for immediate action from the CBN to address these issues and provide clarity to the public.