House of Representatives Urges CBN to Withdraw Old Naira Notes
Old And New Naira Notes
The House of Representatives has called on the Central Bank of Nigeria (CBN) to start the gradual withdrawal of old naira notes and to make new notes available to Nigerians in N200, N500, and N1,000 denominations. This request came during a plenary session on Thursday, where lawmakers discussed the urgent need for this action.
Background on the Naira Redesign
In October 2022, the CBN introduced new N200, N500, and N1,000 notes, with circulation beginning in December of that year. However, the process faced significant resistance from the public, as many Nigerians experienced hardship in obtaining the new notes. After numerous legal challenges, the Supreme Court set a deadline of December 31, 2024, after which the old notes would no longer be considered legal tender.
Urgent Call for Action
During the debate, Mr. Victor Ogene, a member representing Ogbaru Federal Constituency in Anambra State, highlighted the challenges Nigerians faced due to the naira redesign. He criticized the CBN for not adequately circulating enough new notes, which he claimed made daily life difficult for many citizens. Ogene pointed out that if the CBN did not take immediate action, the country could face a chaotic situation similar to that of February 2023, when the old notes ceased to be legal tender.
The gradual withdrawal of old naira notes is essential to prevent chaos as the deadline approaches. We must ensure that Nigerians are prepared for this transition.” – Mr. Victor Ogene, Member of the House of Representatives.
Proposed Measures by the House
The House of Representatives made several resolutions to address the situation:
- Gradual Withdrawal of Old Notes: The CBN should begin gradually withdrawing the old N200, N500, and N1,000 notes before the December 31, 2024, deadline.
- Stop Cash Payments in Old Notes: The CBN should instruct commercial banks to stop cash payments to customers using old naira notes and instead focus on mopping them up gradually.
- Public Awareness Campaigns: The CBN should initiate public awareness campaigns to prepare Nigerians for the upcoming changes. This includes using jingles, television and radio announcements, social media, flyers, and newspaper publications.
The House of Representatives’ call to action reflects the urgent need for the CBN to facilitate a smooth transition to the new naira notes while avoiding the difficulties experienced in the past. With the deadline approaching, it is crucial for both the CBN and the public to be prepared for these changes to ensure a seamless currency transition in Nigeria.
