Reps urge CBN to withdraw old Naira notes

House of Reps Proposes Aba, Ibadan, Lagoon, and 28 Other New States

The House of Representatives has asked the Central Bank of Nigeria (CBN) to start withdrawing old notes from circulation while ensuring a massive circulation of the newer ₦200, ₦500 and ₦1000 notes

This comes after a motion raised by Adam Victor Ogene, the Labour Party (LP) Rep from Anambra.

Ogene asked that the Central Bank of Nigeria (CBN) should begin awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.

Naira showing signs of stability due to CBN policies - IMF — Naira showing signs of stability due to CBN policies – IMF

The lawmakers reminded the House of the untold hardship Nigerians faced due to the implementation of the policy in 2023 and warned against a reoccurrence.

“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,” Ogene said.

The Central Bank of Nigeria (CBN), under the leadership of then-Governor Godwin Emefiele, had, in 2023, announced the redesign and introduction of new Naira notes of ₦200, ₦500, and ₦1000 denominations with the existing notes valid until January 31, 2023.

Emefiele had explained that the number of Naira notes outside the banking system necessitated the decision.

Despite statements from the CBN, reports, one year after, indicate that the redesign policy by the apex bank which cost more than ₦74 billion failed.