The House of Representatives has called on the Central Bank of Nigeria (CBN) to increase the circulation of new N200, N500, and N1,000 notes while gradually phasing out the old notes. They also urged the CBN to direct commercial banks to prioritize issuing the new currency to customers and start mopping up the old notes.
This resolution followed a motion by Rep. Adam Victor Ogene (LP, Anambra), who reminded the House of the chaos caused by the CBN’s 2023 currency change, which led to widespread frustration and litigation. He expressed concern that the CBN has not yet started sensitizing the public about the December 31, 2024, deadline for the old notes to cease being legal tender.
Ogene warned that without proper awareness campaigns, Nigerians could face even worse economic disruptions than in 2023. He urged the CBN to begin public announcements through various media platforms to ensure citizens are prepared for the upcoming deadline.
Additionally, he criticized the CBN for continuing to release old notes alongside the new ones instead of beginning a gradual withdrawal process, which could further complicate the transition.
