Reps Urge CBN To Withdraw Old Naira Notes Before December
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 before the December 31 deadline.
The lower house gave the directive on Thursday during plenary, where the lawmakers urged the CBN to increase the issuance of the new banknotes to ensure a smooth transition.
The resolution followed a motion of urgent national importance moved by Rep Afam Ogene, who expressed concern over the lack of public awareness of the looming deadline.
The lawmaker noted that with less than two months to go, the CBN has not initiated any meaningful public sensitisation on the change, which he said is a crucial step to avoid a repeat of the 2023 chaos when the currency switch caused widespread hardship.
Ogene further emphasised that if the CBN does not act promptly, Nigerians may face severe difficulties as the old notes cease to be legal tender on January 1, 2025.
He recalled the litigation and public frustration during the 2023 currency transition and stressed that proactive public awareness campaigns, such as jingles, radio, television, and social media postings, should have commenced months ago.
The House also directed the CBN to order commercial banks to stop disbursing old notes and only release the new currency, urging a gradual phase-out of the old notes.
Consequently, the House mandated its Committee on Banking Regulations to ensure compliance and report back within 21 days.
Reps Urge CBN To Withdraw Old Naira Notes Before December is first published on The Whistler Newspaper
