Reps issues December deadline to CBN to withdraw old notes

The House of Representatives has called on the Central Bank of Nigeria (CBN) to commence the gradual withdrawal of old N200, N500, and N1,000 notes from circulation ahead of the December 31, 2024, deadline.

During Thursday’s plenary session, lawmakers also urged the CBN to expedite the issuance of the new banknotes to ensure a smooth transition.

This resolution came after a motion by Rep. Afam Ogene, who expressed concern over the lack of public awareness about the approaching deadline.

Ogene stressed the need for the CBN to avoid a repeat of the 2023 currency transition crisis by launching a public sensitization campaign through jingles, radio, TV, and social media.

The House also directed the CBN to instruct commercial banks to stop disbursing old notes and report back within 21 days to ensure compliance.