The House of Representatives has instructed the Central Bank of Nigeria (CBN) to start gradually withdrawing old naira notes from circulation.
This is coming ahead of the January 1, 2025, deadline, when these notes will cease to be legal tender.
During a plenary session, Hon. Afam Ogene raised concerns about the CBN’s lack of public awareness initiatives regarding this change.
The House resolved to “Urge Central Bank of Nigeria (CBN) to issue more new ₦200, ₦500 and ₦1,000 notes and begin the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024;
“To urge the Central Bank of Nigeria, CBN, to order commercial banks to forthwith stop cash payment to their customers with old ₦200, ₦500 and ₦1,000 notes but instead, engage in gradual mopping up of the old notes;
“Urge the Central Bank of Nigeria, CBN to kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.”
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