Withdraw old notes before December deadline, Reps tell CBN
The Central Bank of Nigeria (CBN) has been urged by the House of Representatives to start removing obsolete N200, N500, and N1,000 notes from circulation gradually before the deadline of December 31, 2024.
In order to guarantee a seamless transition, MPs also encouraged the CBN to enhance the issuance of the new banknotes during a plenary session on Thursday.
Rep. Afam Ogene, who voiced worry over the lack of public knowledge on the impending deadline, submitted a motion of urgent national importance, which was followed by this resolution.
Ogene further emphasized 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.
The House Committee on Banking Regulations was instructed to ensure compliance and report back within 21 days.
