The House of Representatives on Thursday called on the Central Bank of Nigeria, CBN, to commence the gradual withdrawal of old naira notes and ensure the availability of the redesigned N200, N500, and N1,000 banknotes.
The Green Chamber also directed the apex bank to instruct commercial banks to conduct transactions with customers using the new notes to facilitate the phasing out of the old ones.
This resolution followed the adoption of a motion of urgent national importance, sponsored by Mr. Victor Ogene, representing Ogbaru Federal Constituency in Anambra State, during Thursday’s plenary session.
It will be recalled that the CBN introduced the new naira notes in October 2022, and began their circulation in December of the same year.
However, the initial phase-out of old notes was met with stiff resistance, resulting in severe hardship for many Nigerians as they struggled to access the new currency.
After a series of legal battles, the Supreme Court set 31 December 2024, as the deadline for the old notes to cease being legal tender.
While leading the debate, Ogene noted that the CBN’s failure to adequately circulate the new notes had created widespread hardship during the 2023 redesign process.
He warned that Nigerians might face similar difficulties if the CBN fails to act promptly ahead of the new deadline.
“Going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender and medium of exchange for goods and services in Nigeria from 1 January 2025,” Ogene said.
He expressed concern that with just over two months left until the deadline, the CBN had not initiated any significant public awareness campaigns.
He stressed the need for sensitisation through radio and TV announcements, social media posts, flyers, and newspaper publications.
Ogene also criticised the CBN for continuing to release old notes alongside the new ones, saying this undermined efforts to phase them out.
The House subsequently resolved to:
- Urge the CBN to increase the issuance of new N200, N500, and N1,000 notes and begin the gradual withdrawal of the old ones before the 31 December 2024 deadline.
- Direct the CBN to order commercial banks to stop cash payments in old notes and commence the mopping up of these notes from circulation.
- Urge the CBN to initiate public awareness campaigns to educate Nigerians on the impending deadline and encourage preparedness.
The motion was referred to the House Committee on Banking Regulations for further legislative action.
