Reps urge CBN to start gradual withdrawal of old naira notes

The House of Representatives has called on the Central Bank of Nigeria (CBN) to initiate the gradual withdrawal of old N200, N500, and N1,000 notes ahead of the December 31, 2024, deadline.

During Thursday’s plenary session, lawmakers emphasized the need for a smooth transition to the new banknotes, urging the CBN to expedite their issuance.

This resolution followed a motion presented by Rep. Afam Ogene, who expressed concern over the limited public awareness regarding the approaching deadline.

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He highlighted the potential risks of another currency transition crisis, similar to what occurred in 2023, if the CBN fails to act promptly.

To prevent confusion, the House has urged the CBN to launch a nationwide public sensitization campaign through radio, television, social media, and jingles.

Additionally, the CBN has been directed to ensure that commercial banks stop disbursing old notes and report back to the House within 21 days to confirm compliance.

This proactive step aims to avoid disruptions in the financial system and ensure Nigerians are well-prepared for the currency changeover.