The House of Representatives has instructed the Central Bank of Nigeria (CBN) to phase out old naira notes and boost the distribution of newly minted N200, N500, and N1,000 notes. This directive followed a motion of urgent national importance presented by Adam Victor Ogene (LP, Anambra).
The lawmakers urged the CBN to work with commercial banks to increase the availability of the new currency while gradually withdrawing the old notes from circulation. They also emphasized the need for the CBN to launch public awareness campaigns to inform Nigerians of the December 31, 2024 deadline, after which the old naira notes will no longer be legal tender.
Ogene highlighted that, according to a Supreme Court ruling, the old notes will cease to be valid for transactions starting January 1, 2025. He expressed concern over the lack of public awareness and urged the CBN to ramp up its efforts with television, radio, and social media campaigns to prepare the public for the upcoming deadline.
