The House of Representatives has called on the Central Bank of Nigeria (CBN) to increase the issuance of new N200, N500, and N1,000 notes while beginning the gradual withdrawal of old Naira notes from circulation ahead of the December 31, 2024 deadline.
Additionally, the House has urged the CBN to instruct commercial banks to immediately stop cash payments in old N200, N500, and N1,000 notes, instead focusing on the gradual collection of these outdated bills.
Furthermore, the lawmakers emphasized the need for the CBN to launch awareness campaigns to inform and prepare Nigerians for the upcoming deadline.
These resolutions followed a motion introduced by Hon. Afam Victor Ogene, a representative from Ogbaru Federal Constituency in Anambra State, during Thursday’s plenary session.
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Ogene highlighted the challenges, frustrations, and controversies stemming from the CBN’s Naira Redesign Policy in 2023, which led to legal disputes and widespread hardship due to the unavailability of new currency notes.
He pointed out that, according to a ruling from the Supreme Court, the N200, N500, and N1,000 notes will no longer be considered legal tender or a medium of exchange in Nigeria starting January 1, 2025.
“Concerned, that the Central Bank of Nigeria (CBN) has not shown any sign of sensitization or kick-started any awareness programme to remind Nigerians about this important economic policy in order to make them prepare for the deadline of 31/12/2024.
“Worried, that Nigerians will be plunged into more chaotic situations than what happened in February, 2023, when the old N200, N500 and N1,000 notes shall cease to be legal tender and medium of exchange for goods and services as from January 1, 2025.
“Disturbed that the Central Bank of Nigeria (CBN) ought to have started public awareness, such as Jingles, Television and Radio announcements, Social Media postings, Flyers, Daily Newspapers and Periodic Magazines publications three (3) months before the deadline but now with about two (2) months to the deadline, yet nothing to show that the apex bank is prepared for the exercise.
“Further Worried that the Central Bank of Nigeria (CBN) is still comfortably releasing the old N200, N500 and N1,000 notes mixed with the new N200, N500 and N1,000 notes for business transactions in Nigeria, instead of the gradual mopping up of the old notes from circulation or ordering commercial banks to do so by issuing out only the new notes,” he argued.
The House approved the motion and instructed its Committee on Banking Regulations to ensure compliance, with a report back to the House within 21 days.
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