NEW DEADLINE! If You Have Both Old And New Naira Notes, Read This Immediately As Reps Issue Unexpected Directive To CBN
In a recent directive, Nigeria’ s House of Representatives has urged the Central Bank of Nigeria (CBN) to expedite the issuance of new naira notes while systematically phasing out old currency notes to ensure a smooth transition by the year’ s end. The move follows concerns regarding the persistent scarcity of naira notes and its impact on citizens and businesses.
The directive was issued during a parliamentary session on Wednesday, prompted by a motion raised by Hon. Victor Ogene, representing Anambra under the Labour Party. The House unanimously called for an increase in the circulation of newly minted N200, N500, and N1, 000 notes, stressing the need for a structured removal of old notes from the economy by December 31, 2024.
Hon. Ogene emphasized the importance of an organized approach to the currency transition to prevent disruptions in trade and daily transactions. He called on the CBN to take urgent steps to ensure that commercial banks distribute an adequate amount of the new currency notes to the public, and that this process is gradual to avoid abrupt shortages.
He highlighted the Supreme Court’ s ruling earlier this year, which clarified that, effective January 1, 2025, old naira notes would no longer be recognized as legal tender for transactions in Nigeria. This ruling mandates that all transactions, payments, and exchanges be conducted exclusively with the newly issued naira notes from that date.
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” Without a sufficient supply of new notes, Nigerians will face undue hardship, ” Ogene stated during his address. ” To avoid this, it is essential that the CBN adopts a phased approach in withdrawing the old notes. ”
” Only two months remain until the December deadline, and there’ s still little sign of the awareness campaigns that should have been underway, ” Ogene remarked. ” The absence of timely information will inevitably create challenges for the general public. ”
He recommended that the CBN quickly implement public awareness measures, including jingles, public service announcements, and flyers to ensure that all Nigerians are adequately informed of the upcoming currency shift. He also urged the apex bank to consider partnering with community leaders and organizations to extend outreach to rural areas.
The House of Representatives’ directive comes amid rising complaints from Nigerians about the scarcity of cash and difficulties in accessing new naira notes, which has impacted businesses, especially small enterprises. The scarcity has led to long queues at banks and ATMs as people struggle to access the limited supply of currency.
Following the House’ s request, CBN representatives assured lawmakers that measures were being taken to address the challenges associated with currency distribution. While the bank has not released an official response on the matter, sources within the CBN indicate that discussions are ongoing to ramp up the production and distribution of new notes in the coming weeks.
Meanwhile, the House emphasized that beyond issuing the new notes, the CBN must work closely with commercial banks to guarantee an equitable distribution of currency, prioritizing access for underserved regions. The lawmakers also insisted that the CBN must monitor commercial banks to prevent hoarding and ensure the effective flow of new notes into circulation.
The delay in implementing the naira redesign and replacement has fueled public frustration and concerns about the government’ s commitment to economic reforms. Many Nigerians have voiced concerns that the delay will create unnecessary hardship, particularly for low- income earners who rely heavily on cash transactions.
Business owners, especially those in the informal sector, have expressed apprehension regarding the currency scarcity and the challenges posed by digital transactions, which are not always accessible or reliable in rural areas. They argue that without sufficient cash, their businesses face significant obstacles, a situation that could be worsened if the currency transition is not effectively managed.
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