Fear of Naira Scarcity as Reps Give CBN Date to Phase Out Old Notes, Give New Directive on New Notes
- The House of Representatives has urged the Central Bank of Nigeria (CBN) to accelerate the distribution of new Naira notes and phase out the old currency gradually before the December 31, 2024
- In a motion led by Adam Victor Ogene, lawmakers highlighted the chaos and hardship caused by the currency change in 2023 and expressed concerns
- The House also emphasised the need for the CBN to launch awareness programs to prepare Nigerians for the upcoming transition
Abuja, FCT - The House of Representatives has requested that the Central Bank of Nigeria (CBN) increase the circulation of new N200, N500, and N1,000 notes and gradually withdraw the old notes from circulation.
The House of Representatives has urged the Central Bank of Nigeria (CBN) to ensure commercial banks issue more new notes to customers and gradually phase out the old ones.
Reps speak on naira withdrawal
This request was made in a resolution which followed a motion of urgent national importance moved by Adam Victor Ogene (LP, Anambra).
The House also advised the CBN to launch awareness programs to inform Nigerians about the December 31, 2024, deadline and help them prepare for the transition.
Source: UGC
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While leading the motion, Ogene remembered the hardship, frustration, controversy, and chaotic situation caused by the Central Bank of Nigeria's (CBN) currency change in 2023.
This change affected the validity of the old N200, N500, and N1,000 Naira notes, leading to litigations.
Additionally, the scarcity of new currency notes caused unbearable hardship nationwide due to the CBN's inability to supply sufficient new notes.
He said:
“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.”
He expressed concerns that the CBN has not initiated any awareness programs to inform Nigerians about the December 31, 2024 deadline.
He is worried that Nigerians will face more challenging situations than what happened in February 2023, when the old N200, N500, and N1,000 notes will no longer be legal tender and medium of exchange for goods and services starting January 1, 2025.
Former speaker mentions how politicians spoil naira
Meanwhile, Legit.ng earlier reported that Yakubu Dogara, a former Speaker of the House of Representatives, proposed that the monetary authorities stabilise the weak naira by releasing idle foreign cash hidden in private vaults.
Dogara, who served as Speaker from 2015 to 2019, gave a speech on Wednesday at The Platform Nigeria, a 2024 Democracy Day conference with the theme "Democracy and the free Market Economy."
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Source: Legit.ng
