The House of Representatives don dey urge the Central Bank of Nigeria (CBN) to quickly withdraw the old N200, N500, and N1,000 naira notes from circulation and make sure the new ones dey available everywhere before the December 31, 2024, deadline.
This call come after a motion raised by Adam Victor Ogene, a lawmaker from Anambra State, during a House session. Ogene emphasize say the CBN need to increase the supply of the new notes to commercial banks so that people can get them easily.
The lawmakers dey worried say if the CBN no act fast, Nigeria go face big economic problems as the deadline for the old notes approach. Ogene remind them of the Supreme Court ruling that the old notes go cease to be legal tender from January 1, 2025.
Another thing wey the House dey complain about be the lack of public awareness campaign by the CBN. Ogene say the CBN suppose start public awareness campaigns using TV, radio, newspapers, and social media three months before the deadline, but till now, nothing dey happen.
The lawmakers also talk about the need to educate rural and underserved communities who no get easy access to banking services or digital transactions. They warn say if the CBN no take immediate action, the country go face more economic disruption than what happen during the 2023 currency change.
Ogene recall the hardship and chaos wey the 2023 currency swap cause and say the CBN should direct commercial banks to stop issuing old notes and start gradual withdrawal of the old currency from circulation.
