The House of Representatives has urged the Central Bank of Nigeria (CBN) to gradually withdraw old N200, N500, and N1,000 notes from circulation before the December 31, 2024 deadline. Lawmakers also called on the CBN to increase the issuance of new banknotes to ensure a smooth transition.
This decision was made during a plenary session on Thursday, following a motion by Rep Afam Ogene highlighting the lack of public awareness about the approaching deadline. Ogene emphasized the importance of public sensitization to prevent chaos similar to what occurred during the 2023 currency switch.
Without proper action from the CBN, Ogene warned that Nigerians may face significant challenges when the old notes become invalid 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.
