N200, N500, and N1,000 notes will cease to be legal tender in Nigeria after December 31, 2024, following the Supreme Court’s ruling on the deadline for the old currency’s withdrawal.
The Central Bank of Nigeria (CBN) has been urged by the House of Representatives to begin a gradual withdrawal of the old notes and ensure the availability of new denominations ahead of the deadline.
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This resolution was passed during a plenary session on Thursday after Mr. Victor Ogene, the representative for Ogbaru Federal Constituency in Anambra State, moved a motion of urgent national importance. Ogene raised concerns about the CBN’s handling of the currency transition, emphasizing the need to avoid the chaos that occurred during the naira redesign in early 2023.
He noted, “The CBN must act swiftly to ensure that Nigerians are well-prepared for the withdrawal of old notes. Going by the Supreme Court’s order, the N200, N500, and N1,000 notes will no longer be legal tender starting January 1, 2025. We cannot afford to repeat the mistakes of the past.”
Ogene recalled the hardships experienced by Nigerians when the old notes were abruptly withdrawn last year, leading to long queues, scarcity of the new notes, and disruptions in daily transactions.
He expressed concern that the CBN had not yet launched public awareness campaigns to inform citizens of the approaching deadline, stating that such efforts should have started months ago.
“The CBN ought to have begun awareness campaigns through television, radio, and social media to educate the public on the transition,” Ogene argued. He urged the apex bank to begin a gradual withdrawal process to ensure a smooth transition.
In response, the House urged the CBN to make the new notes—N200, N500, and N1,000—available in sufficient quantities to avoid a repeat of the currency shortage experienced earlier this year. Lawmakers also called on commercial banks to stop dispensing old notes immediately and to assist in the currency swap process.
Furthermore, the House directed the CBN to intensify its public awareness programs to ensure Nigerians are fully informed about the December 31 deadline, preventing confusion and hardship. The motion was referred to the Committee on Banking Regulations for further legislative action.
