Phase out old Naira notes, circulate redesigned ones before Jan 2025 court deadline, Reps tell CBN

House of Representatives has urged the Central Bank of Nigeria to adequately circulate the redesigned N200, N500, and N1,000 banknotes, and phase out the old currencies. The lawmakers arrived at the resolution, following a motion raised by Adam Victor Ogene, representing the Labour Party, (Anambra), during plenary on Thursday. The development followed the December 31, 2024 deadline for the old notes to cease being legal tender, ordered by the Supreme Court. The lawmakers said the need for adequate availability of the redesigned notes in banks in the country by the CBN, was necessary to meet Nigerians’ financial demands, and to strengthen the economy. Mr Ogene 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.”

The lawmaker condemned the apex bank for not commencing a comprehensive nationwide public awareness campaign to educate citizens on the upcoming changes, months ago. According to him, the CBN should have by now, started doing jingles on television, radio, and social media, adverts on newspapers, magazines, as well as fliers, to get them appraised about the old notes’ withdrawals, and circulation of new ones. The lawmakers therefore urged the banking regulator to put measures in place to avoid confusion and disruption to everyday financial transactions, calling for the education of rural and underserved populations, who may have difficulty in accessing banking services or digital transactions, when the changes start. The House expects the CBN to respond to its recommendations and explain the strategies it intends to adopt to ensure the transition to the redesigned notes as legal tender, runs smoothly before the deadline.