Reps urges CBN to expedite withdrawal of old notes ahead of 2025 deadline

The House of Representatives has directed the Central Bank of Nigeria (CBN) to expedite the withdrawal of old N200, N500, and N1,000 notes, declaring they will cease to be legal tender after December 31, 2024.

This decision follows a motion raised by Adam Victor Ogene, who emphasized the urgent need for public awareness ahead of the impending deadline.

In his remarks, Ogene recalled the chaos and hardship experienced during the 2023 currency transition, noting that a lack of preparedness could lead to similar turmoil as the deadline approaches.

He expressed concern that the CBN has not initiated adequate public sensitization programs, which are critical to ensure a smooth transition.

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“Three months before the deadline, the CBN should have implemented awareness campaigns via media outlets to inform Nigerians,” Ogene stated, urging the apex bank to begin immediate outreach efforts.

He criticized the ongoing circulation of old notes alongside new ones, calling for a more effective strategy to phase out the outdated currency.

The House resolution also called on the CBN to ensure that commercial banks issue more new notes to alleviate potential shortages.