Withdraw Old Naira Notes Before January – House Of Reps Tells CBN

The House of Representatives has urged the Central Bank of Nigeria (CBN) to make sure that all of the old N200, N500, and N1,000 notes are withdrawn before the deadline of January 1, 2025.

The lawmakers emphasised that the CBN must start a gradual mop-up of the old currency and expand the circulation of the redesigned notes.

In a motion raised by Adam Victor Ogene (LP, Anambra), the House expressed concerns about the CBN’s lack of public sensitisation, warning that Nigerians may face a repeat of the hardship seen during the chaotic currency swap in 2023. Ogene highlighted the Supreme Court’s ruling that the old notes would cease to be legal tender on January 1, 2025, and noted that the CBN has yet to launch any significant awareness efforts.

He recalled the “hardship, frustration, controversy, and chaotic situation” that arose from the 2023 currency swap and expressed concerns that the CBN’s failure to supply enough new notes led to severe difficulties across the country. “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,” Ogene stated.

The CBN is “still comfortably releasing the old N200, N500, and N1,000 notes mixed with the new notes for business transactions,” he added, criticising the ongoing circulation of the old naira notes alongside the new ones rather than a phased withdrawal. Ogene pleaded with the CBN to order commercial banks to stop issuing the old money and to start phasing it out of circulation.

Ogene also expressed worry that the CBN has made no steps to promote public awareness about the coming deadline, which is only a few months away. He stated that by now, the central bank should have begun “public awareness, such as jingles, television and radio announcements, social media postings, flyers, daily newspapers, and periodic magazines” to ensure Nigerians are prepared for the shift.

With the January 1, 2025 deadline approaching, the House encouraged the CBN to move quickly, warning that if the essential actions are not made, the country will endure even greater economic disruption than it did during the 2023 currency reform.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli