Withdraw Old Naira Banknotes Before December 31 – Reps to CBN

The House of Representatives has urged the Central Bank of Nigeria (CBN) to issue more new N200, N500 and N1,000 currency notes and begin the gradual withdrawal of the old Naira notes from circulation before the deadline of December 31, 2024.

The House also asked 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 naira notes.

It further urged the apex bank to kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.

The resolutions followed the adoption of a motion moved by a member representing Ogbaru Federal Constituency of Anambra State, Hon. Afam Victor Ogene, at plenary on Thursday.

Moving the motion, the lawmaker recalled the hardship, frustration, controversy and chaotic situation occasioned by CBN’s Naira Redesign Policy in 2023, that affected validity of the old N200, N500 and N1,000 Naira notes at the time that resulted in litigations.

He also recalled the current scarcity that led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes.

Ogene said going by the Supreme Court’s subsequent ruling and order, the 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.

“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.

Adopting the motion, the House directed its Committee on Banking Regulations to ensure compliance and report back to the House within 21 days.