The House of Representatives on Thursday urged the Central Bank of Nigeria (CBN) to urgently withdraw and destroy mutilated naira notes in circulation.
The House also charged the National Orientation Agency (NOA) to carry out sustained public enlightenment to educate Nigerians on the need to handle the naira notes with care.
The resolutions followed a motion by Adekola Alexander (PDP- Ekiti).
Moving the motion, Alexander said the alarming rate of mutilated currency notes in circulation had become a national embarrassment.
He added that banks were issuing torn, mutilated and unhygienic currency notes through Automated Teller Machines (ATM) and across the counter.
โI observe that despite the arrest and subsequent prosecution of the culprits, there is still a cartel in CBN and commercial banks, which make brisk business recycling old naira notes meant for destruction,โ the lawmaker said.
โThey enrich their bank accounts, acquiring properties through these illegal proceeds by converting the equivalent of the mutilated notes into their accounts and selling printed mint meant for customers, to touts and hawkers.
โSection 21(4) of the CBN Act of 2007 makes it a punishable offence for any person to hawk, sell or trade in naira notes, coins or any other issued by the apex bank.โ
Alexander expressed worry that most of the mutilated currency notes in circulation harboured pathogenic micro-organisms which are hazardous to human health.
The motion was unanimously adopted by members when it was put to a voice vote by Speaker Yakubu Dogara.
NAN
