The House of Representatives has called on the Central Bank of Nigeria (CBN) to facilitate the broad circulation of the newly minted N200, N500, and N1000 notes while initiating a gradual withdrawal of the old notes from circulation.

This request came after a motion was presented by Adam Victor Ogene, a representative from the Labour Party in Anambra. He emphasized the necessity for the CBN to launch awareness initiatives to prepare Nigerians for the impending deadline of December 31, 2024.

During the discussions, Ogene highlighted the hardships, frustrations, and confusion that arose from the previous implementation of the currency change in 2023. He noted that the shortage of the new currency notes caused significant difficulties nationwide, primarily due to the CBN’s failure to adequately supply the newly introduced currency.

“According to the Supreme Court’s ruling, the N200, N500, and N1000 notes will no longer be recognized as legal tender and will be phased out completely as of January 1, 2025,” the lawmaker stated.

In 2022, a significant controversy arose when the CBN, led by then-Governor Godwin Emefiele, announced plans to redesign and issue new versions of these three banknote denominations. The old notes were initially scheduled to remain in circulation until January 31, 2023. This announcement ignited widespread debate across Nigeria.

Emefiele explained that the decision was driven by ongoing concerns about the volume of naira notes circulating outside the formal banking system. However, over a year later, an investigation by SaharaReporters in July revealed that the CBN’s policy, which reportedly cost over N74 billion, had ultimately failed.

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