By Halimah Olamide
The House of Representatives has urged the Central Bank of Nigeria (CBN) to withdraw the old notes of N200, N500 and N1000 and release new notes.
The House also asked the CBN to direct commercial banks to issue more new notes to customers and engage in gradual mopping up of the old notes.
This call was made after a motion raised by Adam Victor Ogene (LP, Anambra), demanding that the Central Bank of Nigeria (CBN) should kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.
“Going by the Supreme Court’s subsequent ruling and order, the N200, N500 and N1000 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,” the lawmaker said.
Ogene recalled the hardship, frustration, controversy and chaotic situation occasioned by the Central Bank of Nigeria (CBN) change of currency 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 that the scarcity of the new currency notes led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes.
He further criticized the continued circulation of the old naira notes alongside the new ones, emphasizing that rather than a phased withdrawal, the CBN is “still comfortably releasing the old N200, N500, and N1,000 notes mixed with the new notes for business transactions.” Ogene urged the CBN to direct commercial banks to issue only the new notes and to start gradually removing the old currency from circulation.
Ogene also raised concerns that the CBN has not taken any steps to raise public awareness about the looming deadline, despite being just months away. He noted that by now, the apex bank should have started “public awareness, such as jingles, television and radio announcements, social media postings, flyers, daily newspapers, and periodic magazines” to ensure Nigerians are prepared for the transition.
With the January 1, 2025, deadline fast approaching, the House urged the CBN to take immediate action, warning that the country could face even greater economic disruption than it did during the 2023 currency change if the necessary steps are not taken.
The move had sparked widespread debate and discussion across the country.
According to Emefiele, the decision was reached due to persisting concerns around the number of naira notes outside the banking system.