The Nigerian House of Representatives has urged the Central Bank to withdraw old Naira notes and enhance the circulation of new N200, N500, and N1000 notes. Lawmakers emphasized the need for public awareness ahead of the December 31, 2024 deadline, reflecting on past currency redesign challenges.
The House of Representatives in Nigeria has called on the Central Bank of Nigeria (CBN) to initiate the withdrawal of old Naira notes and ensure the widespread circulation of the new N200, N500, and N1000 notes. This decision comes in response to a motion presented by Adam Victor Ogene of the Labour Party, who emphasized the need for the CBN to implement awareness programs to inform the public about the impending deadline for the old notes, set for December 31, 2024.
During the discussion, lawmakers recounted the chaos and hardships experienced during the previous currency redesign policy implemented in 2023, which led to significant public frustration. Ogene highlighted that the initial scarcity of new currency notes caused severe economic strain due to the CBN's failure to supply adequate new denominations. He referenced the Supreme Court's ruling, stating that the old notes would cease to be legal tender as of January 1, 2025.
The CBN's previous attempt to redesign and introduce new banknotes in late 2022 sparked widespread debate, with concerns raised about the volume of currency outside the banking system. However, reports indicated that the implementation of this policy cost over N74 billion and was largely unsuccessful.
