The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of the old ₦200, ₦500, and ₦1,000 notes ahead of the December 31, 2024, deadline.
During Thursday’s plenary, lawmakers also encouraged the CBN to accelerate the circulation of new banknotes to ensure a seamless transition.
This decision came after Rep. Afam Ogene raised a motion of urgent national importance, expressing concern over the lack of public awareness regarding the approaching deadline.
Ogene pointed out that with less than two months remaining, the CBN had yet to launch any substantial public sensitization campaign, a crucial measure to prevent a repeat of the difficulties seen during the 2023 currency transition.
Ogene highlighted the potential challenges that Nigerians could face if the CBN does not take prompt action.
He reminded lawmakers of the chaos and litigation during the 2023 currency switch and stressed the need for early public awareness efforts via jingles, radio, TV, and social media platforms.
The House further directed the CBN to instruct commercial banks to cease distributing old notes and exclusively issue the new currency while ensuring the old notes are phased out gradually.
Additionally, the House Committee on Banking Regulations was tasked with overseeing the implementation of these directives and to report progress within 21 days.
