- House of Representatives urges CBN to withdraw old N200, N500, N1,000 notes before December 31, 2024.
- Lawmakers concerned about lack of public awareness on looming deadline.
- CBN instructed to increase issuance of new banknotes.
- Commercial banks ordered to stop disbursing old notes.
- House Committee on Banking Regulations to ensure compliance.
- Report back to House within 21 days.
- Aim to avoid repeat of 2023 currency switch chaos.
The House of Representatives is urging the Central Bank of Nigeria (CBN) to start withdrawing old N200, N500, and N1,000 notes from circulation before the December 31, 2024 deadline. This move aims to avoid a repeat of the chaos that occurred during the 2023 currency switch, which caused widespread hardship .
Lawmakers are concerned that with less than two months to go, the CBN hasn’t done enough to inform the public about the impending change. Rep Afam Ogene, who moved the motion, emphasized that proactive public awareness campaigns should have started months ago to prevent another chaotic situation .
The House directed the CBN to increase the issuance of new banknotes and order commercial banks to stop disbursing old notes, instead releasing only the new currency. They also instructed the House Committee on Banking Regulations to ensure compliance and report back within 21 days .
It’s worth noting that the CBN had previously reversed the December deadline for withdrawing old notes in 2023, allowing them to remain legal tender alongside the new ones . However, it seems the House of Representatives is pushing for a more concrete plan to phase out the old notes this time around.
