Reps Urge CBN To Begin Gradual Withdrawal Of Old Naira Notes Before December Deadline.
The House of Representatives has called on the Central Bank of Nigeria (CBN) to initiate a gradual withdrawal of old Naira notes ahead of the December 31, 2024, deadline. This decision was made following a motion of urgent national importance presented by Hon. Afam Ogene during the plenary session on Thursday.
Hon. Ogene stressed the importance of preparing the public for the transition, citing the confusion and hardship that accompanied the currency change in 2023. He recalled that the old N200, N500, and N1,000 notes, which were temporarily reinstated following a Supreme Court ruling, are set to cease being legal tender from January 1, 2025.
Ogene urged the CBN to ramp up efforts to raise public awareness through jingles, TV and radio announcements, social media campaigns, and newspaper publications. He expressed concern that with only two months left until the deadline, there was little indication that the CBN had begun the necessary sensitisation.
The House also recommended that the CBN issue more of the new N200, N500, and N1,000 notes to ensure a smooth transition. Additionally, lawmakers urged the CBN to direct commercial banks to stop issuing the old notes and focus on mopping them up from circulation.
The resolution aims to prevent a repeat of the difficulties faced by Nigerians during the 2023 currency exchange. The House stressed the importance of a well-coordinated approach to avoid further public inconvenience.
