Reps Urge CBN to Speed Up Circulation of New Naira Notes, Phase Out Old Notes Before January 2025 Deadline

The Nigerian House of Representatives has urged the Central Bank of Nigeria (CBN) to speed up the circulation of newly printed N200, N500, and N1,000 banknotes and withdraw the old notes. This was communicated during a plenary session on Thursday.

According to a ruling by the Supreme Court, the old naira notes will no longer be legal tender, used for transactions, or in circulation from January 1, 2025. Thus, the House urged the CBN to direct commercial banks to immediately stop cash payments in old notes and instead remit these notes to the apex bank.

The motion was raised by Adam Victor Ogene of Anambra Constituency, who complained about the slow pace of withdrawing the old notes. He warned that the delay could cause economic problems similar to the currency swap crisis of 2023 that led to cash scarcity.

Ogene also pointed out that the CBN has not adequately informed the public about the upcoming change. With only two months left, he condemned the lack of awareness campaigns through the media like TV, radio, and social media. The motion was unanimously adopted without debate after it was put up for vote by Deputy Speaker Benjamin Kalu, who presided over the plenary session. The House instructed the Committee on Banking Regulations to ensure compliance and report within 21 days.

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