House of Representatives has urged the Central Bank of Nigeria (CBN) to ensure the complete withdrawal of old N200, N500, and N1,000 notes before the January 1, 2025, deadline. Lawmakers emphasized the importance of increasing the circulation of redesigned notes and commencing a gradual removal of the old currency. This push reflects growing concerns about potential economic turmoil reminiscent of the chaotic currency swap experienced in 2023.
Adam Victor Ogene, a member of the House representing Anambra, spearheaded the motion, raising alarms about the lack of public sensitization from the CBN. “Nigerians may face a repeat of the hardship seen during the chaotic currency swap in 2023,” he warned, referencing the widespread confusion that accompanied last year’s currency transition. He highlighted a critical ruling by the Supreme Court, which stated that the old notes would cease to be legal tender on January 1, 2025.
Ogene recalled the “hardship, frustration, controversy, and chaotic situation” that ensued during the last currency swap, attributing it to the CBN’s failure to adequately supply new notes. “Going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender,” he reiterated, calling for immediate action from the CBN to avoid a repeat of history.
Critically, Ogene pointed out the ongoing circulation of old naira notes alongside the newly redesigned currency. He expressed his dismay, stating, “The CBN is still comfortably releasing the old N200, N500, and N1,000 notes mixed with the new notes for business transactions.” This mixed circulation undermines the intended smooth transition to the new notes, he argued, suggesting that the CBN should mandate commercial banks to issue only the new currency.
Public awareness was another key concern raised by Ogene. He stated, “The CBN has not taken any steps to raise public awareness about the looming deadline, despite being just months away.” He stressed the necessity for proactive communication strategies, such as jingles and announcements across various media platforms, to educate the public about the impending changes.
As the deadline approaches, the House of Representatives has called for urgent action from the CBN. “We could face even greater economic disruption than we did during the 2023 currency change if the necessary steps are not taken,” Ogene cautioned, underscoring the potential consequences of inaction.
The lawmakers are advocating for a comprehensive plan to prevent the same level of confusion and hardship that plagued last year’s currency swap. They are particularly focused on ensuring that citizens are well-informed about the transition process and the implications of the new legal tender status.
With the clock ticking towards January 1, 2025, the House is pushing for immediate implementation of awareness campaigns. Ogene urged the CBN to prioritize the dissemination of information through television, radio, social media, and print publications. “It is imperative that Nigerians are prepared for the transition,” he stressed.
As the nation gears up for another significant currency change, the pressure is mounting on the CBN to act decisively. The House of Representatives remains vigilant, insisting that proactive measures are essential to safeguard the economy and ensure a seamless transition for all Nigerians.
In closing, Ogene’s remarks encapsulate the urgency of the situation: “If we do not learn from the past, we are doomed to repeat it.” The CBN’s response in the coming months will be critical in shaping the economic landscape of Nigeria as it navigates this impending currency shift.
