6 October 2017

Nigeria: Reps Directs CBN to Stop Surcharge for Mutilated Naira Notes

The House of Representatives yesterday urged the Central Bank of Nigeria (CBN) to immediately remove surcharge (fees) levied on commercial banks for destruction of old mutilated naira notes in the country.

The House also directed that the CBN as a matter of statutory responsibility withdraw old and mutilated notes from circulation and re-issue new ones immediately.

Speaker of the House, Hon Yakubu Dogara, directed the House Committee on Banking and Currency to liaise with the Central Bank of Nigeria (CBN) to harness the modalities for handling, returning and destroying damaged and mutilated notes and report back within eight weeks for further legislative action.

The resolution is sequel to a motion sponsored by the member representing Esan North-East/Esan South- East of Edo State, Hon. Sergius Ogun, titled, 'Call for removal of surcharge by the central bank of Nigeria on mutilated notes".

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