Withdraw old naira notes before January 2025 – House of Reps tells CBN

The House of Representatives has implored the Central Bank of Nigeria (CBN) to ensure the immediate withdrawal of old N200, N500, and N1,000 notes before January 1, 2025, deadline.

Lawmakers have underscored the urgency for the CBN to not only increase the circulation of the new, redesigned notes but also initiate a gradual process of eliminating the old currency.

In a resolution presented by Adam Victor Ogene (LP, Anambra), the House voiced its concerns regarding the insufficient public awareness efforts by the CBN. It warned of potential hardships akin to those experienced during the tumultuous currency swap of 2023 if adequate measures are not taken. Ogene highlighted the Supreme Court’s verdict that the old notes will no longer be considered legal tender from January 1, 2025, and pointed out the lack of significant awareness campaigns launched by the CBN to prepare the public.

He recalled the “hardship, frustration, controversy, and chaotic situation” that arose from the 2023 currency swap and expressed concerns that the CBN’s failure to supply enough new notes led to severe difficulties across the country. “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.

Furthermore, Ogene criticized the continued circulation of the old naira notes alongside the new ones, emphasizing the need for the CBN to adopt a more systematic approach by encouraging commercial banks to issue only the new notes and to slowly remove the old currency from circulation.

He also expressed concern that the CBN has not made any efforts to raise public awareness about the approaching deadline, despite it being mere months away. Ogene stressed that the apex bank should have commenced public awareness campaigns, including jingles, television and radio broadcasts, social media posts, flyers, daily newspapers, and periodic magazines, to ensure Nigerians are prepared for the transition.

With the January 1, 2025 deadline approaching, the House encouraged the CBN to move quickly, saying that if the essential procedures are not made, the country might endure considerably more economic hardship than it faced during the 2023 currency reform.