The Nigerian House of Representatives has called on the Central Bank of Nigeria (CBN) to accelerate the distribution of newly printed N200, N500, and N1,000 banknotes and to begin a phased withdrawal of old currency before the December 31, 2024, deadline.
This comes as the country prepares for the transition, which will see the older notes cease to be legal tender starting January 1, 2025, as ruled by the Supreme Court.
During a House session, Adam Victor Ogene (LP, Anambra) raised concerns about the slow distribution of new notes across the banking system, urging the CBN to prevent potential disruptions to the economy.
The lawmakers stressed that the CBN must ensure commercial banks have enough new notes to meet public demand while gradually removing the old currency from circulation.
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“The N200, N500, and N1,000 notes shall cease to be legal tender and will no longer be accepted for transactions starting January 1, 2025, in line with the Supreme Court’s ruling,” Ogene reminded the House.
One of the major concerns raised was the lack of a comprehensive public awareness campaign about the upcoming currency phase-out. The House emphasized that the CBN should have launched a mass sensitization effort months ago through media channels such as television, radio, newspapers, and social media to inform citizens, particularly in rural areas, of the changes.
With only two months left before the deadline, lawmakers expressed disappointment over the CBN’s perceived lack of preparedness. Ogene and other members criticized the absence of public campaigns to educate Nigerians, warning that failure to act could lead to significant financial confusion.
The House urged the CBN to act swiftly, ramping up efforts to distribute the new notes and initiate public awareness campaigns to ensure Nigerians are informed about the transition, particularly those in underserved areas with limited access to banking services.
The CBN is expected to respond to the House’s recommendations and outline its plan for a smooth currency transition ahead of the January 2025 deadline.
