The Labour Party Caucus Leader in Nigeria’s House of Representatives, Afam Ogene, has expressed strong concerns about the Central Bank of Nigeria’s (CBN) lack of clarity regarding the continued use of both old and new naira notes. His criticism comes amid ongoing confusion and frustration among Nigerians over the legal status of the two different naira notes circulating in the country.
Ogene’s statement followed the latest announcement from the CBN, clarifying that a recent Supreme Court ruling did not specify a definitive deadline for when old naira notes—specifically the N200, N500, and N1,000 denominations—would stop being accepted as legal tender. This ambiguity has caused uncertainty, with many Nigerians unsure whether to use old notes or solely rely on the newly introduced currency.
During a House plenary session on October 24, Ogene introduced a motion titled “Need for Central Bank of Nigeria to Sensitise Nigerians about the Non-Legal Status of Old Naira Notes from January 1, 2025.” He urged the CBN to provide clear guidance on whether or not old naira notes will remain valid in the new year. He emphasized that this ongoing ambiguity was embarrassing and confusing for the public, pointing out that the CBN’s policies on currency management appear inconsistent.
Ogene admitted that there was an unintended factual error in his motion but stressed that this was due to the CBN’s mixed signals. According to Ogene, the Supreme Court’s ruling had not been adequately acknowledged in the House’s discussion, which contributed to the confusion.
To address the issue, the House has directed its Committee on Banking Regulations to meet with the CBN and report back within 21 days, aiming for a clearer direction from the central bank. Despite this initiative, the CBN’s response to the House’s motion was unfavorable. In its statement, the CBN accused the House’s motion of being “calculated to disrupt the country’s payment system,” advising the public to disregard it and referring to the Supreme Court’s recent ruling for clarity.
Questioning the bank’s approach, Ogene commented, “Which country in the world runs its economy with two different sets of unidentical currency notes?
“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?”
He also decried the dilapidated nature of some currencies emanating from the vaults of the nation’s commercial banks.
“Daily, citizens lose as much as between N5,000 to N10,000 for every N100,000 cashed in various banking halls, due to mutilated and torn notes.
“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,” he said.
