House of Representatives Urges CBN to Withdraw Old Currency Notes Before Jan 1st 2025

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

Lawmaker Adam Victor Ogene raised concerns about the lack of public awareness and the potential repeat of hardships faced during the 2023 currency swap. He emphasized the need for the CBN to increase circulation of redesigned notes and gradually remove old currency.

Ogene cited the Supreme Court’s ruling that old notes will cease to be legal tender on January 1, 2025. He criticized the continued circulation of old notes alongside new ones, stressing the need for a phased withdrawal.

The House expressed concerns about the impending deadline and potential economic disruption if necessary steps aren’t taken. They directed the Committee on Banking Regulations to ensure compliance and report back within 21 days.

Key concerns include:

– Insufficient public awareness about the deadline

– Inadequate supply of new notes

– Continued circulation of old notes hindering phased withdrawal

The CBN must take immediate action to avoid economic disruption and ensure a seamless transition to thel new currency.