The house Representatives ask the Central Bank of Nigeria to withdraw old currency notes and increase the issuance of new ones.
The House of Representatives has urged the Central Bank of Nigeria (CBN) to increase the supply of newly minted N200, N500, and N1,000 notes, while also initiating a phased removal of the old currency from circulation.
The House has also requested that the Central Bank of Nigeria instruct commercial banks to distribute a greater number of new notes to their customers while gradually withdrawing the old notes from circulation.
In response to a motion of urgent national significance put forth by Adam Victor Ogene (LP, Anambra), the House has resolved that the Central Bank of Nigeria (CBN) must initiate awareness campaigns to inform and prepare citizens for the upcoming deadline of December 31, 2024.
The lawmaker said: “Going by the Supreme Court’s subsequent ruling and order, the N200, N500 and N1,000 notes shall 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.”
He believes that the Central Bank of Nigeria (CBN) should have initiated public awareness campaigns—including jingles, television and radio announcements, social media posts, flyers, daily newspaper ads, and periodic magazine publications—three months prior to the deadline. However, with only two months remaining, there is still no evidence that the apex bank is ready for the exercise.