The House of Representatives has called on the Central Bank of Nigeria, CBN, to begin the gradual withdrawal of old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline.
During a plenary session on Thursday, lawmakers also urged the CBN to increase the issuance of the new banknotes to ensure a smooth transition.
This resolution followed a motion of urgent national importance moved by Rep Afam Ogene, who expressed concern over the lack of public awareness on the looming deadline.
Ogene noted that with less than two months to go, the CBN has not initiated any meaningful public sensitization on the change, a crucial step to avoid a repeat of the 2023 chaos when the currency switch caused widespread hardship.
Ogene further emphasized that if the CBN does not act promptly, Nigerians may face severe difficulties as the old notes cease to be legal tender on January 1, 2025. He recalled the litigation and public frustration during the 2023 currency transition and stressed that proactive public awareness campaigns, such as jingles, radio, television, and social media postings, should have commenced months ago.
The House also directed the CBN to order commercial banks to stop disbursing old notes and only release the new currency, urging a gradual phase-out of the old notes.
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The House Committee on Banking Regulations was instructed to ensure compliance and report back within 21 days.
Recall that the CBN in October 2022, introduced new N200, N500, and N1,000 notes and commenced the circulations in December of the same year.
The apex bank’s decision to withdraw the old notes was meant with stiff resistance from millions of Nigerians who went through untold hardship in search of the then scarce new notes.
After a series of litigations, the Supreme Court fixed the December 31, 2024 deadline after which the old notes would no longer serve as legal tenders in the country.
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