House of Representatives Tells CBN to Order Banks to Stop Paying Their Customers With Old N200, N500, and N1,000 Notes

The House of Representatives has directed the Central Bank of Nigeria (CBN) to begin phasing out the old notes before the December 31, 2024, deadline.CONTINUE FULL READING>>>>>

Daily Post reported that the House’s resolution came after Hon. Afam Ogene’s motion, made during Thursday’s plenary, that the CBN should educate Nigerians about the non-legal tender status of old naira notes from January 1, 2025. This was approved as a motion of immediate national significance.

Additionally, the Green Chamber urged CBN to print more new notes of N200, N500, and N1,000. Ogene, who made the motion, recalled the chaos, controversy, hardship, and frustration brought on by the CBN’s 2023 currency change.

This led to lawsuits and impacted the legality of the old Naira notes worth N200, N500, and N1,000 at the time.

He stated that the N200, N500, and N1,000 notes would no longer be accepted as legal tender in accordance with the Supreme Court’s subsequent decision and order and will also no longer be available for buying and selling by January 1, 2025.

Ogene maintained that three months prior to the deadline, the CBN should have begun public awareness campaigns, including jingles, flyers, social media posts, daily newspapers, radio and television announcements, and periodic magazine publications.

He bemoaned the lack of evidence that the apex bank was ready for the exercise with roughly two months until the deadline.

The lawmaker went on to say that rather than gradually removing the old notes from circulation or directing commercial banks to do so by issuing only the new notes, the CBN is still allowing business transactions in Nigeria to use both the old and new N200, N500, and N1,000 notes.

The House decided to “Urge the Central Bank of Nigeria (CBN) to issue more new N200, N500, and N1,000 notes and begin the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024.”

“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 programs for Nigerians to be aware and prepare for the deadline of December 31, 2024.”CONTINUE FULL READING>>>>>