SAN FRANCISCO, March 23, (THEWILL) – The House of Representatives has urged the Central Bank of Nigeria (CBN) to urgently withdraw and destroy mutilated naira notes in circulation.
The resolution followed a motion on Thursday by Hon. Adekola Alexander (PDP- Ekiti) who bemoaned the alarming rate of mutilated currency notes in circulation insisting that it had become a national embarrassment.
He declared that banks were issuing torn, mutilated and unhygienic currency notes through ATM machines and across the counter insisting that there is still a cartel in the banking sector which makes brisk business recycling old naira notes meant for destruction
“I observe that in spite of 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,” he said.
“They 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.
“Section 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.”
Alexander expressed worry that most of the mutilated currency notes harboured pathogenic microorganisms which are hazardous to human health.
“These mutilated notes also harbour infectious disease such as diarrhoea, food poisoning and respiratory problems which could be spread through the notes,” he declared.
The motion was unanimously adopted by members when it was put to a voice vote by the Speaker, Yakubu Dogara.
The house also charged the National Orientation Agency to carry out sustained public enlightenment to educate Nigerians on the need to handle the naira notes cautiously with care.
Furthermore, the house mandated its Committee on Banking and Currency to conduct an investigation into the activities of the cartel by beaming searchlight on the CBN, commercial banks and other allied institutions and report back in six weeks.
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