There is anxiety over the fast approaching January 1st 2025 withdrawal of old naira notes from circulation by the Central Bank of Nigeria, CBN, as directed by the Supreme Court.
It is recalled that the apex court had ln 2023 directed the CBN to ensure complete withdrawal of old N200, N500, and N1,000 notes from circulation before January 1, 2025.
However, with less than three months to.the deadline, the CBN has not shown any sign the order will be carried as it continues to circulate in large numbers the old notes along with the new ones.
The bank is also not reminding and informing Nigerians of the deadline as no awareness have been created on the issue
Raising concerns over the issue is the House of Representatives who are worried that lack of moves by the CBN to begin mopping up the old notes and issuing new ones may bring back the same difficulties Nigerians faced in accessing cash in the building up to the 2023 elections.
In a motion raised by Adam Victor Ogene of the Labour Party from Anambra State, the lawmakers emphasized the importance of CBN increasing the circulation of the redesigned notes and beginning a gradual mopping-up of the old currency.
They expressed worries that the CBN has failed to sensitise the public of the approaching deadline by failing to launch any significant awareness efforts.
Ogene said that the difficulties that arose from the 2023 currency swap may repeat itself if the CBN does not start taking actions now.
“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 as from January 1, 2025 but the CBN is still comfortably releasing the old N200, N500, and N1,000 notes mixed with the new notes for business transactions,” he said.
He called on the CBN to order commercial banks to begin issuing only the new notes while gradually removing the old currency from circulation.
“By now, the apex bank should have started public awareness, such as jingles, television and radio announcements, social media postings, flyers, daily newspapers, and periodic magazines so as to prepare Nigerians ahead of the deadline.”
The House further expressed fears that if CBN fails to take urgent action now, it could disrupt the economic situation of the country as witnessed in 2023.