The House of Representatives has urged the Central Bank of Nigeria (CBN) to accelerate the increased circulation of newly printed ₦500, ₦200, and ₦1,000 banknotes while simultaneously withdrawing the old notes from circulation in an organized manner.

The lawmakers made the call as the country approaches the December 31, 2024, deadline for the old notes to cease being legal tender, a ruling upheld by the Supreme Court.

In response to a motion raised by Adam Victor Ogene (LP, Anambra), the House stressed the need to increase the availability of new notes across Nigeria’s banking system to avoid potential disruptions in the economy.

Besides, the motion called for the CBN to ensure that commercial banks are adequately supplied with the new notes to meet the demands of the public.

Ogene stressed that without immediate intervention from the CBN, the country risks facing significant economic challenges as the deadline for the old notes approaches.

“Going by the Supreme Court’s subsequent ruling and order, the ₦500, ₦200, and ₦1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025,” Ogene stated during the House session.

Ogene and fellow lawmakers also raised concerns over the apparent lack of a comprehensive public awareness campaign to educate citizens on the upcoming changes.

They added that the CBN should have launched a nationwide sensitization effort months in advance, utilizing mass media channels such as television, radio, newspapers, and social media.

This, according to Ogene, would ensure that Nigerians are well-informed about the impending phase-out of the old currency notes and the introduction of the new ones.