The Central Bank of Nigeria (CBN), yesterday said it does not intend to discontinue the circulation of the old series of N200, N500 and N1,000 banknotes by December 31, 2024.
The central bank’s clarification came on a day the House of Representatives called on the apex bank to increase issuance of the newer N200, N500 and N1,000 denominations, and commence the phase out of old notes from circulation before the December 31, 2024 deadline for their discontinuation.
The House further urged the apex bank to order commercial banks to immediately stop cash payment to their customers with old N200, N500 and N1,000 notes as well as engage in gradual mopping up of the old notes.
The resolution of the lower chamber, which was moved at plenary by Hon. Afam Ogene, followed the adoption of a motion of urgent national importance on the need for CBN to sensitise Nigerians about the non-legal tender status of old naira notes from January 1, 2025.
Ogene expressed worry that the CBN had not shown any sign of sensitisation or kick-started any awareness programme to remind Nigerians about this important economic policy in order to make them prepare for the deadline of December 31, 2024.
