The House of Representatives in Nigeria is urging the Central Bank of Nigeria (CBN) to withdraw old currency notes and ramp up the issuance of new naira notes. This follows a motion by Adam Victor Ogene, emphasizing the need for an urgent response to ensure a smooth transition.
Key points from the resolution include:
- Increased Issuance of New Notes: The CBN has been asked to enhance the distribution of new N200, N500, and N1,000 notes.
- Phased Withdrawal of Old Notes: The House called for a gradual removal of old currency notes from circulation.
- Awareness Campaigns: The CBN is instructed to launch public awareness campaigns to prepare citizens for the withdrawal of old notes, with a deadline set for December 31, 2024. This includes various forms of media outreach such as jingles, TV and radio announcements, social media posts, and print ads.
- Legal Tender Status: According to Ogene, as per a Supreme Court ruling, the old notes will no longer be considered legal tender after January 1, 2025.
The urgency of these actions stems from the fact that, with only two months left until the deadline, there is concern about the readiness of the CBN to effectively manage the currency transition.
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