By MUHAMMED DANBABA
Call for Increased Public Awareness and Smooth Transition
The **House of Representatives** has urged the **Central Bank of Nigeria (CBN)** to initiate the gradual withdrawal of old **N200**, **N500**, and **N1,000** notes from circulation ahead of the **December 31, 2024** deadline. This resolution was reached during a plenary session held on Thursday, with lawmakers emphasizing the need for a smooth transition to the new banknotes.
Motion of Urgent National Importance
The call to action was prompted by a motion of urgent national importance presented by **Rep. Afam Ogene**. He raised concerns regarding the lack of public awareness surrounding the impending deadline for the old currency notes, warning that without timely communication, Nigerians could face significant challenges when the old notes cease to be legal tender on **January 1, 2025**.
Ogene highlighted the critical importance of public sensitization, especially given the chaos experienced during the 2023 currency transition, which resulted in widespread hardship. He noted that proactive awareness campaigns, including jingles, radio and television announcements, and social media outreach, should have started months ago to prepare the public.
Directives to the CBN and Commercial Banks
In addition to urging the CBN to increase the issuance of new banknotes, the House directed the central bank to instruct commercial banks to stop disbursing old notes and only issue the new currency. This gradual phase-out of the old notes aims to prevent confusion and ensure a smooth transition for the public.
Furthermore, the **House Committee on Banking Regulations** was tasked with ensuring compliance with these directives and was instructed to report back within **21 days**.
Conclusion
The House of Representatives’ proactive measures underscore the importance of effective communication and planning in financial transitions. By calling on the CBN to take immediate action, lawmakers aim to mitigate potential challenges for Nigerians as the deadline for the old currency notes approaches.