The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of old Naira notes while ensuring the availability of new N200, N500, and N1,000 notes.
During Thursday’s plenary, the House also directed the CBN to instruct commercial banks to conduct transactions using only new notes as part of efforts to phase out the old currency.
The resolution followed a motion by Victor Ogene, representative of Ogbaru Federal Constituency, who highlighted the challenges Nigerians faced during the 2023 Naira redesign, urging CBN to avoid a repeat by initiating public awareness campaigns and withdrawing old notes well ahead of the December 31, 2024 deadline, set by the Supreme Court.
Ogene stressed that with only two months remaining before the old notes lose their legal tender status, the CBN must act swiftly to prevent another currency crisis. He warned that without proper measures, Nigerians could face chaos similar to the cash crunch of early 2023.
The House resolved that the CBN should immediately increase the circulation of new notes and stop the issuance of old Naira notes, while launching an extensive public sensitization campaign to prepare citizens for the deadline. The motion has been referred to the Committee on Banking Regulations for further action.
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