Begin phasing out old notes from circulation before December deadline – Representatives at CBN

The House of Representatives has ordered the Central Bank of Nigeria, CBN, to begin phasing out old notes from circulation before the December 31, 2024 deadline.
The House resolution followed the adoption of a motion of urgent national importance on the need for CBN to sensitize Nigerians on the non-legal tender status of old naira notes from January 1, 2025 , presented to the plenary on Thursday by the Hon. Afam Ogene

The Green House also urged CBN to issue more new N200, N500 and N1,000 notes.

In moving the motion, Ogene recalled the difficulty, frustration, controversy and chaotic situation caused by the CBN currency changeover in 2023, which affected the validity of the old N200, N500 and N1,000 Naira notes at that time and resulted in litigation.

He said following the subsequent judgment and order of the Supreme Court, the N200, N500 and N1,000 notes would cease to be legal tender, a medium of exchange for goods and services in Nigeria and would also cease to be in circulation from January. 1, 2025.

Ogene argued that the CBN should have started public awareness such as Jingles, TV and radio commercials, social media posts, flyers, newspaper and periodical publications three months before the deadline.

He complained that with about two months to the deadline, there was nothing to show that the apex bank was ready for the exercise.

The lawmaker added that the CBN is still comfortably releasing the old N200, N500 and N1,000 notes mixed with the new N200, N500 and N1,000 notes for business transactions in Nigeria, instead of phasing out the old circulation tickets. or order commercial banks to do so by issuing only the new notes;

The House resolved to “Urge the Central Bank of Nigeria (CBN) to issue more new N200, N500 and N1,000 notes and begin phasing out the old notes from circulation before the December 31, 2024 deadline;

“Urge the Central Bank of Nigeria, CBN, to direct commercial banks to immediately stop paying cash to their customers with old N200, N500 and N1,000 notes, but instead commit to phasing out the notes ancient;

“Urge the Central Bank of Nigeria, CBN, to initiate awareness programs for Nigerians to be aware and prepare for the December 31, 2024 deadline.”