The House of Representatives has directed the Central Bank of Nigeria, CBN to begin the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024.
The resolution of the House followed the adoption of a motion of urgent national importance on the need for CBN to sensitize Nigerians about the non-legal tender status of old naira notes from January 1, 2025, moved at the plenary on Thursday by Hon. Afam Ogene.
The Green Chamber also urged CBN to issue more new N200, N500 and N1,000 notes.
Presenting the motion, Ogene recalled the hardship, frustration, controversy and chaotic situation occasioned by the CBN change of currency in 2023, which affected the validity of the old N200, N500 and N1,000 Naira notes at the time and resulted in litigations.
He said going by the Supreme Court’s subsequent ruling and order, the N200, N500 and N1,000 notes would cease to be legal tender, a medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.
Ogene argued that the CBN ought to have started public awareness, such as Jingles, Television and Radio announcements, Social Media postings, Flyers, Daily Newspapers and Periodic magazine publications three months before the deadline.
He decried that with about two months to the deadline, there was nothing to show that the apex bank was prepared for the exercise.
The lawmaker added that the 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;
The House resolved 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.”
