The 10th House of Representatives has asked the Central Bank of Nigeria(CBN) to make available more new notes of N200, N500 and N1,000 as well as begin a gradual withdrawal of the old notes from circulation.
This resolution comes as the country approaches the December 31, 2024, deadline for the old notes to cease being legal tender, a ruling upheld by the Supreme Court.
Recall that the CBN had in 2022, preceding the general elections changed the N200, N500 and N1000 notes based on the approval of former President Mohammadu Buhari. The move had sparked widespread debate and discussion across the country.
The House also asked the CBN to direct commercial banks to issue more new notes to customers and engage in gradual mopping up of the old notes.
In a resolution following a Motion of Urgent National Importance by Adam Victor Ogene (LP, Anambra), the House said the CBN should kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.
Leading the debate on the Motion, Ogene recalled the hardship, frustration, controversy and chaotic situation occasioned by the Central Bank of Nigeria (CBN) change of currency in 2023, that affected validity of the old N200, N500 and N1,000 Naira notes at the time, which resulted in litigations.
According to him, Nigerians will be plunged into more chaotic situations than what happened in February, 2023, when the old N200, N500 and N1,000 notes shall cease to be legal tender and medium of exchange for goods and services as from January 1, 2025.
Recall that in 2022, a controversy erupted in Nigeria after the Central Bank of Nigeria (CBN), under the leadership of then-Governor Godwin Emefiele, announced plans to redesign and introduce new versions of three denominations of banknotes: N200, N500, and N1000. The existing notes were to remain valid until January 31, 2023.
According to Emefiele, the decision was reached due to persisting concerns around the number of naira notes outside the banking system.
Findings in July however, showed that for over one year after, the CBN policy which was reported to have gulped over N74 billion failed.
