Rita Odafe
House of Representatives Calls for Withdrawal of Old Naira Notes
The House of Representatives has instructed the Central Bank of Nigeria (CBN) to start phasing out old naira notes ahead of the December 31, 2024 deadline.
This decision came after a motion was put forward by Hon. Afam Ogene, regarding the need for the CBN to inform citizens about the old notes losing their legal tender status starting January 1, 2025.
Additionally, the lawmakers have requested that the CBN circulate more new N200, N500, and N1,000 notes.
During the discussion, Ogene highlighted the difficulties and confusion caused by the CBN’s currency change in 2023, which made the old currency notes invalid and led to numerous legal issues.
According to the Supreme Court’s ruling, the old N200, N500, and N1,000 notes will no longer be valid after January 1, 2025.
Ogene emphasized the need for public awareness initiatives—including ads on radio, television, and social media—to begin three months before the deadline, yet noted that little action has been taken thus far.
He also criticized the CBN for still allowing the circulation of old and new notes together, rather than gradually removing the old ones from use.
The House of Representatives has resolved to:
“Encourage the Central Bank of Nigeria to increase the issuance of new N200, N500, and N1,000 notes while starting the gradual withdrawal of old notes before the deadline of December 31, 2024;
“Request the CBN to instruct commercial banks to stop disbursing old N200, N500, and N1,000 notes and focus on withdrawing them from circulation;
“Urge the CBN to implement awareness initiatives to inform citizens about the upcoming deadline of December 31, 2024.”
