House of Reps. Urges Gradual Withdrawal of Old Naira Notes

The House of Representatives has called on the Central Bank of Nigeria (CBN) to begin gradually withdrawing old naira notes while ensuring the availability of new ones in N200, N500, and N1,000 denominations. They also urged banks to start transacting with customers using the new notes.

This decision followed a motion by Victor Ogene, a representative from Anambra State, during Thursday’s session. He reminded the House of the hardships Nigerians faced when the CBN introduced new naira notes in December 2022, with many struggling to access the scarce new currency.

The Supreme Court has set a deadline of December 31, 2024, after which old naira notes will no longer be accepted.

 

 

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