There is a growing concern over the CBN’s handling of the currency redesign, with warnings that without proper public awareness, Nigeria could face another chaotic situation as the deadline for the old Naira notes leaves many in confusion.
As a result, the House of Representatives on Thursday urged the Central Bank of Nigeria to commence the gradual withdrawal of old naira notes and make available to Nigerians new notes in ₦200, ₦500 and ₦1,000 denominations.
This is just as the Green Chamber charged the apex bank to direct money deposit banks to transact businesses with their customers in new naira notes to kick off the mopping up of the old ones.
The resolution of the House followed the adoption of a motion of urgent national importance, sponsored by the member representing Ogbaru Federal Constituency, Anambra State, Mr Victor Ogene, during Thursday’s plenary session.
Redesigning Of Naira
In October 2022, CBN introduced new ₦200, ₦500 and ₦1,000 notes and commenced the circulations in December of the same year.
Leading the debate, the Labour Party lawmaker recalled the difficulty Nigerians went through with the decision to redesign the naira, adding that CBN’s inability to circulate adequately the new notes made life difficult for citizens.
“Going by the Supreme Court’s subsequent ruling and order, the ₦200, ₦500 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 said.
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He stressed that with barely two months to the deadline, the lender of last resort had not shown sign of its readiness to sensitise Nigerians to prepare for what awaits them.
Effect Late Withdrawal Of Old Naira Notes
He warned that Nigerians will wake up into a similar chaotic situation, reminiscent of what happened in February 2023, when the old naira notes of ₦200, ₦500 and ₦1,000 notes would cease to be legal tender and medium of exchange for goods and services as from January 1, 2025.
He argued that the CBN ought to have started public awareness campaigns, including the use of jingles, television and radio announcements, social media postings, flyers and newspaper publications, three months before the deadline.
He also expressed concern that rather than a gradual withdrawal, the CBN was still comfortably releasing the old Naira Notes of ₦200, ₦500 and ₦1,000 notes simultaneously with the new notes for the conduct of business in the country.
The House, following the adoption of the motion, referred it to its Committee on Banking Regulations for further legislative action.
