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 Thursday’s plenary session, lawmakers also urged the CBN to ramp up the issuance of new banknotes to ensure a smooth transition for the public.
This resolution followed a motion of urgent national importance by Rep. Afam Ogene, who raised concerns over the lack of public awareness regarding the approaching deadline. Ogene pointed out that with less than two months remaining, the CBN has not initiated any significant public sensitization efforts, which are critical to avoiding a repeat of the confusion and hardship experienced during the 2023 currency switch.
Ogene stressed that if the CBN does not act swiftly, Nigerians may face serious challenges once the old notes are no longer legal tender starting January 1, 2025. He recalled the legal battles and public frustrations that followed the previous currency transition and emphasized the need for immediate awareness campaigns through jingles, radio, television, and social media.
The House also directed the CBN to instruct commercial banks to stop disbursing old notes and to focus on distributing the new currency, encouraging a gradual phase-out of the outdated banknotes.
The House Committee on Banking Regulations was tasked with ensuring compliance and is expected to report back within 21 days.
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 Thursday’s plenary session, lawmakers also urged the CBN to ramp up the issuance of new banknotes to ensure a smooth transition for the public.
This resolution followed a motion of urgent national importance by Rep. Afam Ogene, who raised concerns over the lack of public awareness regarding the approaching deadline. Ogene pointed out that with less than two months remaining, the CBN has not initiated any significant public sensitization efforts, which are critical to avoiding a repeat of the confusion and hardship experienced during the 2023 currency switch.
Ogene stressed that if the CBN does not act swiftly, Nigerians may face serious challenges once the old notes are no longer legal tender starting January 1, 2025. He recalled the legal battles and public frustrations that followed the previous currency transition and emphasized the need for immediate awareness campaigns through jingles, radio, television, and social media.
The House also directed the CBN to instruct commercial banks to stop disbursing old notes and to focus on distributing the new currency, encouraging a gradual phase-out of the outdated banknotes.
The House Committee on Banking Regulations was tasked with ensuring compliance and is expected to report back within 21 days.
