VANGUARD
The House of Representatives and the Central Bank of Nigeria, CBN, yesterday, disagreed on the deadline for the validity of old naira notes.
While the House at plenary asked the apex bank to issue more new N200, N500 and N1,000 notes and begin the gradual withdrawal of the old notes from circulation before the deadline of December 31, 2024, the CBN said there was no such deadline.
The Green Chamber has also urged the apex bank to order commercial banks to, forthwith, stop cash payments to their customers with old N200, N500 and N1,000 notes and engage in gradual mopping up of the old notes.
The resolutions of the House followed the adoption of a motion of urgent national importance moved by Afam Ogene at plenary in Abuja.
Moving the motion, Ogene expressed concerns that the CBN has not shown any sign of sensitisation or kick-started any awareness programme to remind Nigerians of the important economic policy to make them prepare for the deadline of December 31, 2024.
He said further that Nigerians would be plunged into more chaotic situations than what happened in February 2023, when the old N200, N500 and N1,000 notes shall cease to be legal tender and medium of exchange for goods and services from January 1, 2025.
He said: “Recall the hardship, frustration, controversy and chaotic situation occasioned by the Central Bank of Nigeria, CBN’s change of currency in 2023, that affected the validity of the old N200, N500 and N1,000 notes at the time that resulted in litigations;
“The current scarcity that led to untold hardship in the nation as a result of the CBN’s inability to supply new versions of the changed currency notes;
“Going by the Supreme Court’s subsequent ruling and order, the N200, N500 and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation from January 1, 2025.’’
