- House of Representatives asks CBN to withdraw old N200, N500, N1,000 notes before December 31, 2024.
- CBN denies December 31, 2024 deadline, citing Supreme Court order.
- Supreme Court ordered old Naira banknotes to remain legal tender alongside redesigned versions.
- CBN assures all banknotes (old and redesigned) will continue to be accepted.
- House of Representatives concerned about potential chaos if old notes are suddenly withdrawn.
- CBN encourages alternative payment methods to reduce reliance on physical cash.
- House Committee on Banking Regulations directed to ensure compliance and report back within 21 days.
The House of Representatives and the Central Bank of Nigeria (CBN) are at odds over the deadline for the validity of old Naira notes. The House wants the CBN to issue more new N200, N500, and N1,000 notes and start withdrawing the old ones before December 31, 2024. However, the CBN insists there’s no such deadline, citing a Supreme Court order that allows old Naira banknotes to remain legal tender indefinitely.
The House’s concerns stem from the chaos that occurred in February 2023 when the old notes were initially phased out. They’re worried that Nigerians will face similar hardships if the old notes are suddenly withdrawn without adequate preparation.
The CBN, on the other hand, assures that all banknotes, old and redesigned, will continue to be accepted and remain legal tender. They encourage Nigerians to use alternative payment methods to reduce reliance on physical cash.
It’s worth noting that Nigeria’s economy is heavily dependent on oil exports, which contributes to its foreign exchange challenges . The CBN has implemented various policies to stabilize the foreign exchange market, but the situation remains complex.
