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October 24, (THEWILL) – The House of Representatives has urged the Central Bank of Nigeria (CBN) to ensure the complete withdrawal of old N200, N500, and N1,000 notes before the January 1, 2025, deadline.
The charge follows a motion raised by Adam Victor Ogene (LP, Anambra), who expressed concerns over the lack of public sensitisation by the CBN on the Supreme Court judgement on the old naira notes.
According to the lawmaker, going by the Supreme Court’s subsequent ruling and order, the old “N200, N500 and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.”
Warning that Nigerians may face a repeat of the hardship seen during the chaotic currency swap in 2023. Ogene noted that the CBN’s failure to supply enough new notes led to severe difficulties across the country.
He expressed concerns that the CBN has yet to launch any significant awareness efforts even when the old notes would cease to be legal tender by January 1, 2025.
The lawmaker noted that by now, the apex bank should have started “public awareness, such as jingles, television and radio announcements, social media postings, flyers, daily newspapers, and periodic magazines” to ensure Nigerians are prepared for the transition.
He criticised the continued circulation of the old naira notes alongside the new ones, emphasising that rather than a phased withdrawal, the CBN is “still comfortably releasing the old N200, N500, and N1,000 notes mixed with the new notes for business transactions.”
Ogene, therefore, urged the CBN to direct commercial banks to issue only the new notes and to start gradually removing the old currency from circulation.
Adopting the motion, the House urged the CBN to take immediate action, warning that the country could face even greater economic disruption than it did during the 2023 currency change if the necessary steps are not taken.
