The legality of old naira notes is a point of contention between the Central Bank of Nigeria (CBN) and the House of Representatives. Before a scheduled deadline of December 31, 2024, the House encouraged the CBN to start the gradual removal of old notes and issue additional fresh N200, N500, and N1,000 notes during a plenary session.CONTINUE FULL READING>>>>>
This motion, raised by Afam Ogene, highlighted concerns about the CBN’s lack of public awareness initiatives, warning that a repeat of the chaotic currency transition experienced in early 2023 could occur if citizens are unprepared for the January 1, 2025 deadline.
In response, the CBN refuted claims of a December deadline, asserting that there is no such cessation of the old naira notes.
According to Vanguard, the Acting Director of Corporate Communication, Mrs. Sidi Hakama, emphasized that a Supreme Court ruling allows old N200, N500, and N1,000 notes to remain legal tender indefinitely, alongside redesigned notes.
The CBN’s statement urged the public to continue accepting all denominations of naira and advised against panic over false claims regarding the currency’s validity.
The House has directed its banking regulations committee to ensure compliance with its resolutions, seeking a report within 21 days.
As the situation unfolds, both entities maintain their positions, signaling ongoing tension over Nigeria’s currency management policies.CONTINUE FULL READING>>>>>
