Labour Party Caucus Leader in the House of Representatives, Afam Ogene, has criticized the Central Bank of Nigeria (CBN) for its unclear stance on the coexistence of old and new Naira notes. His statement follows the CBN’s response to a Supreme Court ruling that did not specify an expiration date for the old ₦200, ₦500, and ₦1000 notes as legal tender.
On October 24, the House passed a motion led by Ogene, urging the CBN to clarify the non-legal status of old notes starting January 1, 2025, as the dual circulation of currency notes has caused public confusion. Ogene attributed the lack of clear policy to an “unintended factual error” in the motion.
In response, the CBN advised the public to disregard the motion, calling it a disruption to the country’s payment system and referencing the Supreme Court’s recent ruling. Ogene expressed concerns over the deteriorating quality of currency notes from banks and questioned why Nigeria operates with two distinct sets of currency.
He urged the CBN to prioritize transparency and resolve the ambiguity for the public’s benefit, instead of relying on legal technicalities.
