{"id":343361,"date":"2024-10-26T08:36:00","date_gmt":"2024-10-26T07:36:00","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=343361"},"modified":"2024-10-26T08:36:00","modified_gmt":"2024-10-26T07:36:00","slug":"nigerians-losing-money-over-dilapidated-old-notes-says-rep-member","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/10\/26\/nigerians-losing-money-over-dilapidated-old-notes-says-rep-member\/","title":{"rendered":"Nigerians losing money over dilapidated old notes, says Rep member"},"content":{"rendered":"<ul>\n<li><strong>In October 2022, the Central Bank of Nigeria (CBN) under Godwin Emefiele, the former governor, redesigned the N200, N500 and N1,000 notes.<\/strong><\/li>\n<li><b>The move made the naira scarce and led to unprecedented hardship in the build-up to the 2023 general election.<\/b><\/li>\n<\/ul>\n<hr \/>\n<p>Afam Ogene, Anambra&#8217;s Ogbaru federal constituency representative, says Nigerians lose money due to worn-out naira notes.<\/p>\n<p>Ogene sponsored a motion adopted by the house of representatives on Thursday, stating old naira notes expire December 31, 2024.<\/p>\n<p>This contrasts the supreme court&#8217;s ruling allowing old and new naira notes to coexist &#8220;till further notice.&#8221;<\/p>\n<p>In 2022, Godwin Emefiele&#8217;s Central Bank of Nigeria <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/11\/30\/naira-redesign-cbn-reacts-to-criticism-of-new-notes\/\"><strong>redesigned<\/strong><\/a> N200, N500, and N1,000 notes, causing scarcity and hardship before the 2023 elections.<\/p>\n<p>The move made the naira scarce and led to unprecedented hardship in the build-up to the 2023 general election.<\/p>\n<p>In a statement on Friday, the lawmaker said the apex bank should decide if the old notes should be phased out or not.<\/p>\n<p>\u201cEven with the latest development, some issues remain germaine: which country in the world runs its economy with two different sets of unidentical currency notes,\u201d Ogene, leader of the Labour Party (LP) caucus, said.<\/p>\n<p>\u201cWhat was the intention of the CBN in introducing new sets of notes; was it not with an aim at eventually replacing the old sets?<\/p>\n<p>\u201cNow that the \u2018politics\u2019 that heralded the introduction of the new notes are long over, shall the country and its people continue to suffer the afflictions arising therefrom?<\/p>\n<p>\u201cFor instance, it is common knowledge that some people still mistake the new N200 note for the old N10 bill. Yet, both continue to co-exist.<\/p>\n<p>\u201cBesides the issue of deadlines, who in Nigeria is not embarrassed by the stinking, dilapidated nature of currencies emanating from the vaults of our country\u2019s commercial banks, while the CBN continues to look on, as if it is the new normal.<\/p>\n<p>\u201cDaily, citizens lose as much as between N5,000 to N10,000 for every N100,000 cashed in various banking halls, due to mutilated and torn notes.\u201d<\/p>\n<p>The lawmaker said the apex bank should not hide behind \u201cdeadline ad infinitum to shrink its responsibilities to the banking public\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In October 2022, the Central Bank of Nigeria (CBN) under Godwin Emefiele, the former governor, redesigned the N200, N500 and N1,000 notes. The move made the naira scarce and led to unprecedented hardship in the build-up to the 2023 general election. Afam Ogene, Anambra&#8217;s Ogbaru federal constituency representative, says Nigerians lose money due to worn-out [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":343364,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[658,3108,53907,4807],"class_list":["post-343361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-cbn","tag-godwin-emefiele","tag-old-naira-notes","tag-rep"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigerians losing money over dilapidated old notes, says Rep member<\/title>\n<meta name=\"description\" content=\"Afam Ogene, Anambra&#039;s Ogbaru federal constituency representative, says Nigerians lose money due to worn-out naira notes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2024\/10\/26\/nigerians-losing-money-over-dilapidated-old-notes-says-rep-member\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerians losing money over dilapidated old notes, says Rep member\" \/>\n<meta property=\"og:description\" content=\"In October 2022, the Central Bank of Nigeria (CBN) under Godwin Emefiele, the former governor, redesigned the N200, N500 and N1,000 notes. 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