Reps investigate CBN, Commercial Banks over circulation of mutilated naira notes

THE House of Representatives on Thursday urged the Central Bank of Nigeria, CBN, to as a matter of urgency, withdraw and arrange for the destruction of mutilated currency notes in circulation and replace same with new ones.

The House however, mandated the Committee on Banking and Currency to conduct an investigation into the activities of these cartel by beaming its search light on the CBN, Commercial banks and other allied banks in order to ascertain those involved in these sharp practices of injecting mutilated and defaced notes into circulation and report back to the House within 6 weeks.

The House equally urged the National Orientation agency to carry out a sustained public sensitization and enlightenment program to educate Nigerians on the need to handle the naira notes cautiously and with care.

The House resolution followed a motion moved by Hon. Segun Adekola Alexander, entitled, “urgent Need to Stem the Rising Tide of Defaced, Filthy and Mutilated Currency Notes in Circulation.”

According to him, despite arrest and prosecution of some culprits by the Economic and Financial Crimes Commission (EFCC) there is still an existing cartel in both the CBN and commercial banks who brisk business of recycling old naira notes meant for destruction.

He noted that, “Most of these mutilated currently in circulation harbour pathogenic micro-organisms hazardous to human health and that infectious diseases like diarrhoea, food poisoning and respiratory problems could be spread through these bacteria infectious notes.”

The motion was passed when it was put to vote by the Speaker, Hon Yakubu Dogara.