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The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin a gradual phase-out of old naira notes and increase the circulation of newly redesigned N200, N500, and N1,000 notes.
The Green Chamber also urged the CBN to mandate commercial banks to prioritize new naira notes in their transactions, accelerating the withdrawal of old notes from circulation. This resolution was reached following a motion of urgent national importance introduced by Mr. Victor Ogene, representative for Ogbaru Federal Constituency, Anambra State, during Thursday’s plenary.
Recalling the CBN’s introduction of the new denominations in October 2022, with circulation beginning in December, Ogene highlighted the challenges Nigerians faced during the rollout due to the limited availability of the new notes. He cited the Supreme Court’s ruling, which mandates that the old N200, N500, and N1,000 notes will cease to be legal tender by January 1, 2025.
With only two months remaining before the deadline, Ogene expressed concern over the CBN’s lack of public awareness campaigns to prepare citizens for the transition. He emphasized the need for proactive measures, such as radio and television announcements, social media campaigns, flyers, and newspaper notices, which should have begun at least three months ahead of the deadline.
Ogene also raised concerns that the CBN continues to issue both old and new notes simultaneously rather than prioritizing a gradual phase-out of the old currency.
In response, the House has referred the motion to its Committee on Banking Regulations for further legislative consideration and action.
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