The House of Representatives has urged the Central Bank of Nigeria (CBN) to ensure the full withdrawal of old N200, N500, and N1,000 notes before the January 1, 2025 deadline.
The lawmakers emphasized the importance of increasing the circulation of the redesigned currency while gradually phasing out the old notes.
In a motion introduced by Adam Victor Ogene (LP, Anambra), the House raised concerns about the CBN’s inadequate public awareness efforts, warning that the country could face a recurrence of the difficulties experienced during the 2023 currency swap. Ogene pointed to the Supreme Court’s decision that the old notes would no longer be legal tender by January 1, 2025, and noted the CBN’s lack of a significant public sensitization campaign.
He reflected on the “hardship, frustration, controversy, and chaos” caused by the 2023 currency swap, raising concerns that the CBN’s inability to distribute sufficient new notes resulted in widespread challenges nationwide. Ogene noted that, based on the Supreme Court’s ruling, the N200, N500, and N1,000 notes will no longer be legal tender or a medium of exchange in Nigeria, and will be phased out of circulation starting January 1, 2025.
