The Central Bank of Nigeria, or CBN, has been instructed by the House of Representatives to start removing the old notes from circulation gradually before the deadline of December 31, 2024.
The House’s resolution came after Hon. Afam Ogene’s motion, made during Thursday’s plenary, that the CBN should educate Nigerians about the non-legal tender status of old naira notes from January 1, 2025, was adopted as a motion of urgent national importance.
Additionally, the Green Chamber encouraged CBN to print more fresh notes worth N200, N500, and N1,000.
As he presented the motion, Ogene recalled the chaos, frustration, controversy, and difficulty caused by the CBN’s 2023 currency change, which impacted the legality of the previous N200, N500, and N1,000 Naira notes at the time and led to legal actions.
He stated that the N200, N500, and N1,000 notes would no longer be legal money, a means of exchanging goods and services in Nigeria, and would also no longer be in circulation as of January 1, 2025, in accordance with the Supreme Court’s subsequent decision and order.
Ogene maintained that three months prior to the deadline, the CBN should have begun public awareness campaigns, including jingles, radio and television announcements, flyers, social media posts, daily newspapers, and periodic magazine publications.
He bemoaned the lack of evidence that the apex bank was ready for the exercise with around two months till the deadline.
The lawmaker went on to say that rather than gradually removing the old notes from circulation or directing commercial banks to do so by issuing only the new notes, the CBN is still allowing business transactions in Nigeria to use both the old and new N200, N500, and N1,000 notes;
The House decided 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.”
