Withdraw Old Naira Notes, Release Sufficient New Notes- Nigerian Lawmakers Tell CBN

Nigerian lawmakers have asked the CBN to withdraw old Naira notes and release sufficient new ones.

Newsone Nigeria reports that the House of Representatives has urged the Central Bank of Nigeria (CBN) to ensure the wide circulation of new notes of N200, N500, and N1000 and begin a gradual withdrawal of the old notes from circulation.

This call was made after a motion raised by Adam Victor Ogene (LP, Anambra) demanding that the Central Bank of Nigeria (CBN) kick-start awareness programmes for Nigerians to prepare for the deadline of December 31, 2024.

Contributing to the discussion, the Labour Party lawmaker recounted the hardship, frustration, controversy and chaotic situation the implementation of the policy earlier caused in 2023.

He added 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.

“Going by the Supreme Court’s subsequent ruling and order, the N200, N500 and N1000 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 said.

A controversy erupted in Nigeria in 2022 after the Central Bank of Nigeria (CBN), under the leadership of then-Governor Godwin Emefiele, announced plans to redesign and introduce new versions of three denominations of banknotes: N200, N500, and N1000.

The existing notes were to remain valid until January 31, 2023.

The move had sparked widespread debate and discussion across the country.

According to Emefiele, the decision was reached due to persisting concerns around the number of naira notes outside the banking system.

Over one year after, findings by SaharaReporters in July showed that the CBN policy which was reported to have gulped over N74 billion failed.