December Deadline For Circulation Of Old Naira Notes: Reps Urges CBN To Ensure Availability Of New Ones

By Ayodele Oni

 

As deadline for the circulation of some old naira notes draws nearer, the House of Representatives has called on the Central Bank of Nigeria (CBN) to expedite the circulation of newly printed N200, N500, and N1,000 banknotes while initiating a phased withdrawal of the older currency from circulation.

This resolution comes as the country approaches the December 31, 2024, deadline for the old notes to cease being legal tender, a ruling upheld by the Supreme Court.

The CBN had in 2022, preceding the general elections changed the N200, N500 and N1000 notes based on the approval of former President Mohammadu Buhari.

The then CBN Godwin Emefiele, who supervised the exercise, had raised the hope that coming shortly before the general election, will curb vote buying.

Nigerians were subjected to hardship as the newly printed notes were not available in circulation making commercial banks to introduce limited withdrawals to customers.

This prompted some customers to approach the apex court to demand for the continued circulation of the old naira notes alongside the newly printed ones, a request which was granted.

The  Green Chamber, in response to a motion raised by Adam Victor Ogene (LP, Anambra), emphasized the urgency of increasing the availability of new notes across Nigeria’s banking system to avoid potential disruptions in the economy.

The motion advised the CBN to ensure that commercial banks are adequately supplied with the new notes to meet the demands of the public, while simultaneously withdrawing the old notes from circulation in a structured manner.

Ogene added that without immediate intervention from the CBN, the country risks facing significant economic challenges as the deadline for the old notes approaches.

“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 during the House session.