The House of Representatives has asked the Central Bank of Nigeria (CBN) to increase the supply of new Naira notes (N200, N500, and N1,000) and begin taking the old notes out of circulation before the December 31, 2024 deadline.
The lawmakers also want the CBN to instruct banks to stop giving out old notes and instead focus on gradually removing them. They are concerned that there has been no public awareness campaign to prepare Nigerians for the change, and are worried that there may be more confusion like what happened in early 2023 when the old notes were initially withdrawn.
The House has tasked its Committee on Banking Regulations with ensuring the CBN follows through and reporting back within 21 days.
