The House of Representatives have asked the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of the old naira notes and issue more of the new naira notes, N200, N500 and N1000 before December 31, 2024.
The House of Reps also asked the CBN to direct commercial banks to issue new notes to customers as well as engage in the gradual rounding up of the old notes.
Hon. Adam Victor Ogene, a member representative of the Ogbaru Federal Constituency of Anambra State put forward a motion that led to the adoption of several resolutions from the House during the plenary on Thursday including kick starting awareness programs for Nigerians to prepare for the deadline of December 31, 2024.
According to Ogene, without immediate intervention from the CBN, the country risks facing significant economic challenges as the deadline for the old notes approaches.
“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,” Ogene stated during the House session.
Ogene also argued that the CBN ought to have started public awareness, such as Jingles, Television and Radio announcements, Social Media postings, Flyers, Newspapers and magazine publications three months ahead of the deadline.
He insisted that with about two months to the deadline, there was nothing to show that the apex bank was prepared for the exercise.
