The House of Representatives has called on the Central Bank of Nigeria (CBN) , to ensure the complete withdrawal of old N200, N500, and N1,000 notes before the January 1, 2025, deadline.
The lawmakers stressed the need for the CBN to increase the circulation of the redesigned notes and begin a gradual mopping-up of the old currency.
It further urged banks to kick-start awareness programs for Nigerians to be aware and prepare for the deadline of December 31, 2024.
This resolution comes as the country approaches the December 31, 2024, deadline for the old notes to cease being legal tender, a ruling upheld by the Supreme Court.
The House, in response to a motion raised by Adam Victor Ogene emphasized the urgency of increasing the availability of new notes across Nigeria’s banking system to avoid potential disruptions in the economy.
Ogene highlighted the Supreme Court’s ruling that the old notes would cease to be legal tender on January 1, 2025, and noted that the CBN has yet to launch any significant awareness efforts.
He recalled the “hardship, frustration, controversy, that arosed from the 2023 currency swap and expressed concerns that the CBN’s failure to supply enough new notes led to severe difficulties across the country.
“Going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025,” Ogene stated.
He further criticized the continued circulation of the old naira notes alongside the new ones, emphasizing that rather than a phased withdrawal, the CBN is still comfortably releasing the old N200, N500, and N1,000 notes mixed with the new notes for business transactions.
Ogene urged the CBN to direct commercial banks to issue only the new notes and to start gradually removing the old currency from circulation.
Ogene in passing, further raised concerns that the CBN has not taken any steps to raise public awareness about the looming deadline, despite being just months away. He noted that by now, the apex bank should have started.
“public awareness, such as posting jingles, television and radio announcements, social media postings, flyers, daily newspapers, and periodic magazines to ensure Nigerians are prepared for the transition.”
With the January 1, 2025, deadline fast approaching, the House urged the CBN to take immediate action, warning that the country could face even greater economic disruption than it did during the 2023 currency change if the necessary steps are not taken.
