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Reps ask CBN to withdraw mutilated naira notes from circulation

Reps ask CBN to withdraw mutilated naira notes from circulation
July 18
14:35 2018
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The house of representatives has asked the Central Bank of Nigeria (CBN) to commence the immediate withdrawal of all mutilated naira notes from all banks.

The house urged the apex bank to replace the mutilated notes — particularly the N100 note — with new ones.

The house also mandated the committee on banking and currency to investigate the black-marketing of mint naira notes on the streets.

The resolutions were sequel to a motion on the need to investigate the sales of the mint naira notes and sources of black-marketing of the naira introduced during Wednesday plenary by Adekoya Abdel-Majid from Ogun state.

The lawmaker said the naira now appears in “inglorious” forms and “with odours that can be dangerous to human health.”

He said the naira notes in circulation, especially N100, are “badly torn, terribly squeezed, soiled, cello taped, dirty and mutilated”, especially the N100 notes.

“Considering that bacteria naturally breed and live in dirty environments and objects, dirty naira notes could pose serious health risks as they have been found to contain pathogenic parasites and bacteria,” he added.

“These notes could be sources of infection as well as potential carriers of communicable diseases.

“When they (the naira notes) stay longer in circulation, they gather dirt from one hand to the other.”

The lawmaker added that except for 1000 and 500 naira notes, other notes are rarely paid to people in banks but they are available in black markets.

The house also mandated its committees on legislative compliance as well as banking and currency to ensure strict compliance of the directives.

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September 24, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
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PH362482423
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