The House of Representatives has directed the Central Bank of Nigeria, CBN to begin the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024.
The resolution of the House followed the adoption of a motion of urgent national importance on the need for CBN to sensitize Nigerians about the non-legal tender status of old naira notes from January 1, 2025, moved at the plenary on Thursday by Hon. Afam Ogene. The Green Chamber also urged CBN to issue more new N200, N500 and N1,000 notes.
Ogene argued that the CBN ought to have started public awareness, such as Jingles, Television and Radio announcements, Social Media postings, Flyers, Daily Newspapers and Periodic magazine publications three months before the deadline. He decried that with about two months to the deadline, there was nothing to show that the apex bank was prepared for the exercise.
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