The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin a gradual withdrawal of old naira notes before the December 31, 2024 deadline. This resolution was made during a plenary session on Thursday, following a motion of urgent national importance presented by Hon. Afam Ogene.
The motion highlighted the need for the CBN to sensitize the public on the non-legal tender status of the old N200, N500, and N1,000 notes starting from January 1, 2025. Hon. Ogene reminded the House of the chaos caused by the CBN’s currency change in 2023, which led to public confusion and lawsuits. He emphasized the importance of public awareness, saying, “The CBN ought to have started public awareness campaigns through various media channels at least three months before the deadline.”
With less than two months remaining before the old notes cease to be valid, Ogene expressed concerns that the CBN had not shown readiness for the transition. He criticized the continued circulation of old notes and called for the apex bank to “engage in the gradual mopping up of old notes from circulation.”
The House resolved to urge the CBN to increase the issuance of new N200, N500, and N1,000 notes and instructed the central bank to order commercial banks to stop dispensing old notes to customers. Furthermore, the House called on the CBN to “kick-start awareness programs for Nigerians to prepare for the deadline.”
This resolution comes amid concerns about potential disruptions if the withdrawal is not effectively managed before the deadline.
