The Nigerian House of Representatives has called on the Central Bank of Nigeria (CBN) to begin withdrawing old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline. This action follows a motion presented by Hon. Afam Ogene, urging the CBN to act quickly in informing the public about the upcoming change.
According to the House, the old notes will no longer be legal tender from January 1, 2025. They also want the CBN to release more of the new naira notes to make the transition smoother. The House reminded Nigerians of the problems that occurred during the currency change in 2023, which caused confusion and legal battles as old notes suddenly became invalid.
Ogene emphasized that the CBN should have already started educating the public through different media outlets, including television, radio, newspapers, and social media, about the change. However, he noted that with just a few months left, little has been done, which raises concerns about how prepared the CBN is for the transition.
The House also expressed concern that old notes are still being circulated along with new ones, instead of the CBN starting a gradual removal process. They believe that if the CBN doesn’t act soon, the country could face more difficulties similar to those in 2023.
Nigerians are hoping that the CBN will take immediate steps to avoid a repeat of past challenges, ensuring a smooth transition to the new currency by the end of 2024.
The House resolved to “Urge Central Bank of Nigeria (CBN) to issue more new N200, N500 and N1,000 notes and begin the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024;
“ To urge the Central Bank of Nigeria, CBN, to order commercial banks to forthwith stop cash payment to their customers with old N200, N500 and N1,000 notes but instead, engage in gradual mopping up of the old notes;
“Urge the Central Bank of Nigeria, CBN to kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.”
