Ahead of the December 31 deadline, the House of Representatives has directed the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of the old notes from circulation.
It also urged the apex bank to order commercial banks to forthwith stop cash payment to their customers with old N200, N500 and N1,000 notes but instead, engage in gradual mopping up of the old notes.
The Green Chamber also urged CBN to issue more new N200, N500 and N1,000 notes
The resolution of the House was sequel to the adoption of a motion of urgent national importance on the need CBN to sensitize Nigerians about THE non-legal tender status of old naira notes from January 1, 2025 moved at the plenary on Thursday by Hon. Afam Ogene.
Presenting the motion, Ogene recalled the hardship, frustration, controversy and chaotic situation occasioned by the CBN change of currency in 2023, that affected validity of the old N200, N500 and N1,000 Naira notes at the time that resulted in litigations
He said going by the Supreme Court’s subsequent ruling and order, the N200, N500 and N1,000 notes would cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.
The lawmaker added that the CBN was still comfortably releasing the old N200, N500 and N1,000 notes mixed with the new N200, N500 and N1,000 notes for business transactions in Nigeria, instead of the gradual mopping up of the old notes from circulation or ordering commercial banks to do so by issuing out only the new notes;
Ogene pointed out that the CBN ought to have started public awareness, such as Jingles, Television and Radio announcements, Social Media postings, Flyers, Daily Newspapers and Periodic Magazines publications three months before the deadline.
He decried that with about two months to the deadline, there was nothing to show that the apex bank was prepared for the exercise.
Ogene expressed worry that the CBN has not shown any sign of sensitisation or kick-started any awareness programme to remind Nigerians about this important economic policy in order to make them prepare for the deadline of December 31, 2024.
He expressed concern that Nigerians would be plunged into more chaotic situations than what happened in February, 2023, when the old N200, N500 and N1,000 notes would cease to be legal tender and medium of exchange for goods and services as from January 1, 2025.
The House, therefore, urged the “Central Bank of Nigeria (CBN) to issue more new N200, N500 and N1,000 notes and begin the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024;
“Urge the Central Bank of Nigeria (CBN) to order commercial banks to forthwith stop cash payment to their customers with old N200, N500 and N1,000 notes but instead, engage in gradual mopping up of the old notes;
“Urge the Central Bank of Nigeria (CBN) to kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.”
The lawmaker further recalled the current scarcity that led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes.
The House directed its Committee on Banking Regulations to ensure compliance and report back to the House within 21 days.
