The House of Representatives has called on the Central Bank of Nigeria (CBN) to ensure the effective circulation of the redesigned N200, N500, and N1,000 banknotes and phase out the old currencies as the deadline approaches.
This resolution was passed during a plenary session on Thursday, following a motion raised by Adam Victor Ogene, representing the Labour Party (Anambra). The motion came in response to the Supreme Court’s order setting December 31, 2024, as the deadline for the old notes to cease being legal tender.
The lawmakers emphasized the necessity for the CBN to ensure that the new notes are readily available in banks across the country to meet the financial demands of Nigerians and support economic stability.
Mr. Ogene stated, “Going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.”
He criticized the CBN for failing to launch a comprehensive public awareness campaign months ahead of the deadline, adding that the apex bank should have been educating Nigerians about the changes. According to him, “the CBN should have by now, started doing jingles on television, radio, and social media, adverts on newspapers, magazines, as well as fliers, to get them appraised about the old notes’ withdrawals, and circulation of new ones.”
The lawmakers also urged the CBN to put in place measures to prevent confusion and disruptions in everyday financial transactions. They called for special attention to rural and underserved populations who may face challenges accessing banking services or adapting to digital transactions when the new notes come into full effect.
The House expects the CBN to respond to their recommendations and explain the strategies it intends to adopt to ensure a smooth transition before the December 31 deadline.
