The Home of Representatives has urged the Central Financial institution of Nigeria (CBN) to speed up the elevated circulation of newly printed ₦500, ₦200, and ₦1,000 banknotes whereas concurrently withdrawing the outdated notes from circulation in an organized method.
The lawmakers made the decision because the nation approaches the December 31, 2024, deadline for the outdated notes to stop being authorized tender, a ruling upheld by the Supreme Courtroom.
In response to a movement raised by Adam Victor Ogene (LP, Anambra), the Home pressured the necessity to enhance the supply of latest notes throughout Nigeria’s banking system to keep away from potential disruptions within the financial system.
Moreover, the movement known as for the CBN to make sure that industrial banks are adequately equipped with the brand new notes to satisfy the calls for of the general public.
Ogene pressured that with out instant intervention from the CBN, the nation dangers going through important financial challenges because the deadline for the outdated notes approaches.
“Going by the Supreme Courtroom’s subsequent ruling and order, the ₦500, ₦200, and ₦1,000 notes shall stop to be authorized tender, medium of alternate for items and providers in Nigeria, and shall additionally stop to be in circulation as from January 1, 2025,” Ogene acknowledged in the course of the Home session.
Ogene and fellow lawmakers additionally raised issues over the obvious lack of a complete public consciousness marketing campaign to coach residents on the upcoming adjustments.
They added that the CBN ought to have launched a nationwide sensitization effort months prematurely, using mass media channels resembling tv, radio, newspapers, and social media.
This, in response to Ogene, would be certain that Nigerians are well-informed in regards to the impending phase-out of the outdated forex notes and the introduction of the brand new ones.
