….urge CBN to commence sensitization of citizens
By Gloria Ikibah
The House of Representatives has directed the Central Bank of Nigeria (CBN) to issue more new N200, N500 and N1,000 notes and also commence the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024.
The House called on CBN to order commercial banks to forthwith stop cash payment to their customers with old N200, N500 and N1,000 notes but rather, engage in a gradual mop-up of the old notes.
The House further urged the CBN to kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.
Naijablitznews.com recalled that the Spreme Court, in March 2023, ruled that the old Naira denominations of N200, N500 and N1,000 notes continue to co-exist with the new notes till further notice.
The court also maintained that the old and new notes should remain as legal tender beyond December 31, 2023, until the Federal Government puts a process in place for their replacement or redesign after due consultation with relevant stakeholders.
However, the CBN, had on November 14, extended the validity of the old N200, N500 and N1,000 notes indefinitely.
These resolutions was sequel to the adoption of a motion of urgent national importance moved by Rep Afam Ogene on the “The Need For Central Bank of Nigeria To Sensitise Nigerians About The Non-Legal Tender Status of Old Naira Nites From January 2025, on Thursday at plenary.
Debating the motion, Rep. Ogene expressed concerns that the Central Bank of Nigeria (CBN) has not shown any sign of sensitization or kick-started any awareness programme to remind Nigerians about the important economic policy in order to make them prepare for the deadline of 31/12/2024.
He expressed concern that Nigerians will be plunged into more chaotic situations than what happened in February, 2023, when the old N200, N500 and N1,000 notes shall cease to be legal tender and medium of exchange for goods and services as from January 1, 2025.
He said: ” recall the hardship, frustration, controversy and chaotic situation occasioned by the Central Bank of Nigeria (CBN) change of currency in 2023, that affected validity of the old N200, N500 and N1,000 Naira not.s at the time that resulted in litigations;
“The current scarcity that led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes;
“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.
“The Central Bank of Nigeria (CBN) ought to have started public awareness, such as Jingles, Television and Radio announcements, Social Media postings, Flyers, Daily Newspapers and Periodic Magazines publications three (3) months before the deadline but now with about two (2) months to the deadline, yet nothing to show that the apex bank is prepared for the exercise;
“The Central Bank of Nigeria (CBN) is still comfortably releasing the old N200, N500 and N1,000 notes mixed with the new N200, N500 and N1,000 notes for business transactions in Nigeria, instead of the gradual mopping up of the old notes from circulation or ordering commercial banks to do so by issuing out only the new notes.
The House adopted the motion and mandated its Committee on Banking Regulations to ensure compliance and report back within 21 days for further legislative actions.