The House of Representatives has officially urged the Central Bank of Nigeria (CBN) to take immediate action regarding the old N200, N500, and N1000 banknotes. These notes are set to lose their status as legal tender beginning January 1, 2025.
In light of this impending deadline, the House is recommending that the CBN not only withdraw these old notes from circulation but also expedite the issuance of additional new naira notes.
They are particularly emphasizing the need for these new notes to be made available to the public before the end of the year, specifically by December 31, to ensure a smooth transition and to mitigate any potential disruption in the economy as the country moves towards the use of the new currency.
