“Withdraw Old Naira Notes Before December 3” – Reps To CBN

The House of Representatives has called on the Central Bank of Nigeria (CBN) to increase the circulation of new N200, N500, and N1,000 notes while initiating the gradual withdrawal of the old notes before the December 31, 2024 deadline. 

The House also urged the CBN to instruct commercial banks to stop dispensing old notes to customers and focus on collecting and removing them from circulation.

Additionally, the House recommended that the CBN launch public awareness campaigns to inform Nigerians about the upcoming deadline for the withdrawal of old currency.

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These resolutions were adopted after a motion presented by Hon. Afam Victor Ogene, representing Ogbaru Federal Constituency of Anambra State, during Thursday’s plenary session.

Ogene referenced the challenges caused by the CBN’s 2023 Naira Redesign Policy, which led to currency shortages and legal disputes. 

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He also expressed concern over the CBN’s delay in raising public awareness about the new deadline for the old currency withdrawal.

The House further directed its Committee on Banking Regulations to monitor compliance and report back within 21 days.