CBN to start gradual withdrawal of old notes ahead of 31st December deadline – House Of Rep
The Central Bank Of Nigeria (CBN) has been ordered by the House of Representatives to start the process of circulating the old notes before 31st December which is the deadline.
This has put Nigerians in a state of turmoil, as last year was tough for many Nigerians to secure the new naira notes while other burnt and disposed off their old notes.
In addition, CBN was mandated to release more new, N200, N500 and N1,000 notes.
It is also said by Ogene, that the supreme court ruled and ordered that the old N200, N500 and N1,000 notes, will cease to be legal tender in Nigeria, and also stop to circulate as of January 1, 2025.
He also showed displeasure with the fact that this wasn’t announced to Nigerians 3 months earlier, to prepare Nigerians, because the last time this happened it caused a hike in the price of goods and litigations last year.
Ogene is the lawmaker and he still went further to show his displeasure about the CBN still releasing the old Naira notes alongside the new naira notes, for day-to-day transactions in Nigeria, rather than gathering the old notes and ceasing to circulate them back to the public, to make it easier for the citizens.
With that statement, the House of Rep decided to ask the Central Bank Of Nigeria to start issuing and circulating the new N200, N500 and N1,000 notes, and gradually cease the withdrawal of old notes in circulation before 31st December which is in 2 months.
The House of Rep said, “ To urge the Central Bank of Nigeria, CBN, to order commercial banks to forthwith stop cash payment to their customers with old N200, N500 and N1,000 notes but instead, engage in gradual mopping up of the old notes;
“Urge the Central Bank of Nigeria, CBN to kick-start awareness programmes for Nigerians to be aware and prepare for the deadline of December 31, 2024.”
