The House of Representatives has urged the Central Bank of Nigeria (CBN) to begin the phased withdrawal of old ₦200, ₦500, and ₦1,000 notes ahead of the December 31, 2024 deadline.
During a plenary session on Thursday, lawmakers also called on the CBN to accelerate the distribution of new banknotes to ensure a smooth transition and prevent economic disruptions.
The resolution came in response to a motion of urgent national importance raised by Rep. Afam Ogene, who expressed concern over the lack of public awareness about the approaching deadline. He noted that with less than two months remaining, the CBN had yet to launch significant public sensitization efforts, which are crucial to avoiding the chaos experienced during the 2023 currency switch.
Ogene warned that if the CBN does not act swiftly, Nigerians could face significant hardships when the old notes cease to be legal tender on January 1, 2025. He recalled the public frustration and legal challenges that marred the previous currency transition and emphasized the importance of proactive campaigns, including jingles, radio, television, and social media outreach, which should have started months ago.
In addition to urging the CBN to intensify the issuance of new notes, the House directed commercial banks to cease disbursing old currency and instead focus on releasing the new notes. Lawmakers called for a gradual phase-out to minimize disruptions.
The House Committee on Banking Regulations was tasked with ensuring compliance and is expected to report back within 21 days.
