Reps urge CBN to act fast on old naira notes withdrawal before 2025

The House of Representatives has called on the Central Bank of Nigeria (CBN) to ensure the complete withdrawal of old N200, N500, and N1,000 notes before the January 1, 2025, deadline. The lawmakers also urged the CBN to increase the circulation of the redesigned notes and initiate a gradual phase-out of the old currency.

In a motion raised by Rep. Adam Victor Ogene (LP, Anambra), concerns were voiced about the lack of public awareness efforts from the CBN, warning that Nigerians could face a repeat of the difficulties experienced during the chaotic 2023 currency swap.

Ogene pointed out that the Supreme Court ruled that the old notes will cease to be legal tender on January 1, 2025, yet the CBN has not launched significant public sensitization campaigns.

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Ogene recalled the “hardship, frustration, and controversy” that followed the 2023 currency change, blaming the CBN’s failure to supply adequate new notes for the challenges faced by citizens. He stressed that despite the Supreme Court’s order, the old notes continue to circulate alongside the new ones, and the CBN has not taken serious measures to begin withdrawing the old currency.

He urged the CBN to direct commercial banks to issue only the redesigned notes and to actively start removing the old ones from circulation. Additionally, Ogene emphasized the importance of launching widespread public awareness campaigns, including media jingles, social media announcements, and print materials, to prepare Nigerians for the upcoming currency transition.

The House warned that without immediate action from the CBN, the country could face even more severe economic disruptions than those seen during the 2023 currency swap.