December deadline: Reps ask CBN to begin withdrawal of old notes from circulation, create awareness

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

By Ife Osemedua

365Daily – As the December 31, 2024 deadline for the withdrawal of old naira notes from circulation approaches, the House of Representatives has directed the Central Bank of Nigeria (CBN) to begin sensitisation campaigns to create awareness and enable Nigerians prepare adequately.

This is just as the lawmakers urged CBN to issue more new N200, N500, and N1,000 notes and commence the gradual withdrawal of the old notes from circulation before the December 31 deadline.

Similarly, the House also tasked the apex bank to order commercial banks to immediately stop payment of the old N200, N500, and N1,000 note to their customers and begin mopping up of the old notes.

This was sequel to the adoption of the resolutions of a motion of Urgent National Importance moved by Hon. Victor Afam Ogene (Ogbaru Fed. Constituency) during plenary on Thursday, October 24, 2024.

The House also mandated its Committee on Banking Regulations to ensure compliance and report back to the House within 21 days.

Speaking on the bill, Hon. 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 the 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.

the lawmaker continued, ”Aware, that 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.”

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

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