House of Reps Orders CBN to Withdraw Old Naira Notes by January 2025.
The Central Bank of Nigeria (CBN) has been urged by the House of Representatives to make sure that all obsolete N200, N500, and N1,000 notes be withdrawn by the deadline of January 1, 2025.
The lawmakers emphasised that the CBN must start a slow process of removing the old money and expand the circulation of the redesigned notes.
The House voiced worries about the CBN’s lack of public awareness in a resolution introduced by Adam Victor Ogene (LP, Anambra), cautioning that Nigerians might see a recurrence of the hardships experienced during the chaotic currency switch in 2023.
Ogene pointed out that the CBN has not yet started any major awareness campaigns and cited the Supreme Court’s decision that the old notes would no longer be accepted as lawful tender on January 1, 2025.
He mentioned the “difficulty, frustration, controversy, and chaotic situation” that resulted from the 2023 currency swap and voiced worries that the country will experience serious problems as a result of the CBN’s inability to produce enough new notes.
According to Ogene, “the N200, N500, and N1,000 notes shall cease to be legal tender, a medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as of January 1, 2025, in accordance with the Supreme Court’s subsequent ruling and order.”
The CBN is “still comfortably releasing the old N200, N500, and N1,000 notes mixed with the new notes for business transactions,” he added, criticising the ongoing circulation of the old naira notes alongside the new ones rather than a phased withdrawal.
Ogene pleaded with the CBN to order commercial banks to stop issuing the old money and to start phasing it out of circulation.
Ogene also expressed concern that, despite the deadline being only a few months away, the CBN has not done anything to inform the public about it.
In order to make sure Nigerians are ready for the change, he said the apex bank ought to have begun “public awareness, such as jingles, television and radio announcements, social media postings, flyers, daily newspapers, and periodic magazines” by now.
The House warned that if the essential preparations are not done, the country may experience considerably more economic disruption than it suffered during the 2023 currency shift, and urged the CBN to act quickly as the January 1, 2025 deadline draws near.
