The House of Representatives has urged the Central Bank of Nigeria to begin a gradual withdrawal of old naira notes while introducing new denominations of N200, N500, and N1,000 to the public.
This resolution came during a plenary session on Thursday, prompted by a motion of urgent national importance from Mr. Victor Ogene, the representative for Ogbaru Federal Constituency in Anambra State.
The CBN had initially introduced the new N200, N500, and N1,000 notes in October 2022, with circulation commencing in December. However, the move faced significant backlash from Nigerians, who struggled to obtain the new notes amid widespread shortages.
Following a series of legal challenges, the Supreme Court set a deadline of December 31, 2024, after which the old notes will cease to be legal tender.
During the debate, Ogene highlighted the difficulties faced by Nigerians during the naira redesign process and criticized the CBN for failing to adequately circulate the new notes. He warned that without proper planning and public awareness, the country could face a repeat of the chaos experienced in February 2023 when the old notes were withdrawn.
He emphasized the need for the CBN to initiate public awareness campaigns—through jingles, media announcements, and printed materials—at least three months ahead of the deadline. Ogene expressed concern that the CBN is still distributing old notes alongside the new ones, complicating the transition.
The House passed several resolutions, including urging the CBN to issue more new N200, N500, and N1,000 notes while gradually withdrawing the old notes before the December 31, 2024 deadline, directing commercial banks to cease cash transactions using old notes and focus on mopping up these notes and calling for awareness programs to prepare Nigerians for the upcoming changes.
The motion was referred to the Committee on Banking Regulations for further legislative action.
