The House of Representatives has taken a decisive step regarding Nigeria’s currency policy, urging the Central Bank of Nigeria (CBN) to withdraw old N200, N500, and N1000 notes from circulation. These old banknotes will cease to be recognized as legal tender effective January 1, 2025.
In light of this deadline, the House has emphasized the necessity for the CBN to expedite the issuance of additional new naira notes before the end of this year, December 31, 2024. This move aims to ensure a smooth transition to the new currency system while minimizing disruption to the economy and the daily transactions of Nigerians. The recommendation reflects a broader effort to modernize the nation’s currency and address issues related to counterfeit money and the overall integrity of the financial system.
