The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024 deadline.
The lawmakers, during Thursday’s plenary session, urged the CBN to ramp up distribution of the redesigned banknotes, ensuring a seamless transition.
Rep. Afam Ogene’s motion of urgent national importance, which expressed concern over the lack of public awareness of the impending deadline, sparked the resolution.
With only two months left, Ogene emphasized the need for swift action to prevent a recurrence of the widespread hardship caused by the 2023 currency switch.
Ogene warned that if the CBN fail to 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 notes, urging a gradual phase-out of the old notes.
The House mandated its Committee on Banking Regulations to oversee implementation and submit a compliance report within 21 days.
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