A misstep by the Nigerian House of Representatives has triggered alarm across the nation, as lawmakers mistakenly claimed that the deadline for the old naira notes would be December 31, 2024. The assertion conflicts with a Supreme Court ruling and the official position of the Central Bank of Nigeria (CBN), which has since clarified that the old naira notes would remain valid indefinitely.
The controversy began with a motion presented by Labour Party MP Victor Afam Ogene, representing Ogbaru Federal Constituency. Ogene contended that the Supreme Court judgment on naira redesign indicated that old naira notes would cease to be legal tender on January 1, 2025. However, this interpretation was promptly contradicted by the CBN. In a statement issued by Acting Director of Corporate Communications Sidi Hakama, the bank confirmed that all old notes would continue to be accepted alongside the new series, with no set expiration date.
In his remarks, Ogene acknowledged an “unintended factual error” but critiqued the CBN’s approach, suggesting that the institution’s handling of the naira redesign had left the economy in disarray. He highlighted the confusion of maintaining dual currency sets, noting, “Which country in the world runs its economy with two different sets of unidentical currency notes?”
Amid ongoing public concern, Ogene questioned the state of the currency in circulation. “Daily, citizens lose between N5,000 and N10,000 per N100,000 due to torn and dilapidated notes,” he said, calling for the CBN to address deteriorating banknotes.
In response to the motion, the House has instructed its Committee on Banking Regulations to interface with the CBN and report back within three weeks. The outcome may well determine the future of Nigeria’s currency policy and its approach to navigating the aftermath of the contentious naira redesign.
