KEY POINTS
- The House of Representatives has called on the CBN to remove old N200, N500 and N1,000 notes before December 31, 2024.
- To prevent facing hardships similar to the 2023 currency transition, lawmakers insist on public sensitization.
- The House directed the CBN to increase the supply of new notes and stop distributing the old ones.
House of Representatives has asked the Central Bank of Nigeria (CBN), to start the gradual withdrawal of old N200, N500, and N1,000 notes before the deadline of December 31, 2024.
During the plenary, lawmakers stressed the need to make a call for the increased issuance of new notes as a means to avoid the confusion and hardship that the massess suffered during the 2023 currency transition.
Reps advocate phased withdrawal of old banknotes
Speaking when he moved the motion, Rep. Afam Ogene expressed fear that there was little awareness in the public space on the deadline that is less than two months away.
Without some proactive steps, Nigerians could find life difficult soon after Jan. 1, 2025, as it would be illegal to transact with the old notes, he warned.
Crucial to avoid hardship are a public awareness campaign
Ogene stressed that different media channels, including jingles, radio, television, and social media platforms, should carry out public sensitization campaigns.
He said that the 2023 currency switch was a public frustration and called on the CBN to ensure that the process was smoother this time.
The House also asked the CBN to stop the commercial banks from disbursing old notes and rather make available new currency.
According to Vanguard, The House Committee on Banking Regulations will now ensure compliance and is expected to report back within 21 days.
