The 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.
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 Central Bank of Nigeria (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 that resulted in litigations.
He also recalled that the scarcity of the new currency notes led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes.
He said: “Going by the Supreme Court’s subsequent ruling and order, the N200, N500 and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.”
He expressed concerns the CBN has not shown any sign of sensitisation or kick-started any awareness programme to remind Nigerians about this important economic policy in order to make them prepare for the deadline of 31/12/2024.
He said 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.
According to him, the CBN ought to have started public awareness, such as Jingles, Television and Radio announcements, Social Media postings, Flyers, Daily Newspapers and Periodic Magazines publications three (3) months before the deadline but now with about two (2) months to the deadline, yet nothing to show that the apex bank is prepared for the exercise.
He also expressed concern that rather than a gradual withdrawal, the CBN is still comfortably releasing the old N200, N500 and N1,000 notes mixed with the new N200, N500 and N1,000 notes for business transactions in Nigeria, instead of the gradual mopping up of the old notes from circulation or ordering commercial banks to do so by issuing out only the new notes.
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This gradual mopping of OLD NAIRA notes should have started in 2023. This CBN guys are dumb as hell. Of course the whole ruling elites are the same – Dumb as hell. I think it’s time we try elementary school certificate holders. I bet they will do a better job than these so called embezzlement elites.
I am not sure you realize that the new notes were not printed in Nigeria and that it will take a lot of our FX to secure an uninterrupted production of it. Whether we like to admit it or not, Nigeria is broke and we cannot afford to waste FX now on something that is neither urgent nor compulsory.
It is easier said than done. Some people who can’t even rule their own families will be condemning the rulers of their nations.
These junk and mediocrity leaders or bosses who are claiming to be elites are confused, some of the even know their names. Imagine what’s going on in our country. Old and new money been used together for almost two years, it’s a shame now they want to talk. They be beneficiaries from what is coming out of it from the central Bank.