The House of Representatives has called on the Central Bank of Nigeria (CBN) to release more of the new N200, N500, and N1,000 notes, while beginning a gradual withdrawal of the old notes from circulation.
The House also urged the CBN to instruct commercial banks to provide more new notes to customers and gradually phase out the old ones.
This resolution followed a motion of urgent national importance presented by Adam Victor Ogene (LP, Anambra). The House further recommended that the CBN launch awareness programmes to inform Nigerians and help them prepare for the December 31, 2024 deadline.
Leading the debate on the motion, Adam Victor Ogene recalled the hardship, frustration, and confusion caused by the Central Bank of Nigeria’s (CBN) 2023 currency change, which affected the validity of the old N200, N500, and N1,000 Naira notes and sparked legal battles.
He also noted that the scarcity of the new notes during that period caused significant hardship across the country, as the CBN was unable to adequately supply the newly redesigned currency.
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.”
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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 warned that Nigerians could face an even more chaotic situation than in February 2023 when the old N200, N500, and N1,000 notes are set to be withdrawn as legal tender starting January 1, 2025.
According to Ogene, the CBN should have initiated public awareness campaigns—such as jingles, TV and radio announcements, social media posts, flyers, and publications in daily newspapers and magazines—three months ahead of the deadline. However, with only about two months left, there are no signs that the central bank is ready for the transition.
He expressed concern that instead of a gradual withdrawal, the CBN continues to release the old N200, N500, and N1,000 notes, mixed with the new ones, for business transactions in Nigeria. He pointed out that, rather than gradually phasing out the old notes or directing commercial banks to issue only the new currency, the CBN has yet to take effective steps to remove the old notes from circulation.
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