The House of Representatives has asked the Central Bank of Nigeria(CBN) to make available more new notes of N200, N500 and N1,000 as well as begin a gradual withdrawal of the old notes from circulation.
The House also asked the CBN to direct commercial banks to issue more new notes to customers and engage in gradual mopping up of the old notes. In a resolution following a motion of urgent national importance by Adam Victor Ogene (LP, Anambra), the House said the Central Bank of Nigeria (CBN) should kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.
Leading the debate on the motion, Ogene recalled the hardship, frustration, controversy and chaotic situation occasioned by the Central Bank of Nigeria (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 also recalled that the scarcity of the new currency notes led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes. He 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.”
