Reps urges CBN to withdraw old naira notes before 2025 deadline
The House of Representatives has instructed the Central Bank of Nigeria (CBN) to accelerate the withdrawal of old ₦200, ₦500, and ₦1,000 notes, which will no longer be considered legal tender after December 31, 2024.
This directive follows a motion by Adam Victor Ogene, who highlighted the urgent need for public awareness ahead of the deadline.
In his remarks, Ogene recalled the chaos and hardship during the 2023 currency transition and warned that inadequate preparedness could result in similar turmoil as the deadline approaches.
He expressed concern over the CBN’s lack of sufficient public sensitization programs, which are crucial for ensuring a smooth transition.
“Three months before the deadline, the CBN should have launched awareness campaigns through media outlets to inform Nigerians,” Ogene stated, urging the apex bank to initiate immediate outreach efforts.
He criticized the continued circulation of old notes alongside new ones and called for a more effective strategy to phase out the outdated currency.
The House resolution also urged the CBN to ensure that commercial banks distribute more new notes to prevent potential shortages.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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