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Withdraw old notes, circulate new ones, Reps urges CBN - PUNCH
The House of Representatives, on Thursday, urged the Central Bank of Nigeria to commence the gradual withdrawal of old naira notes and make available to Nigerians new notes in N200, N500, and N1,000 denominations.
This is just as the Green Chamber charged the apex bank to direct Money Deposit Banks to transact businesses with their customers in new naira notes to kick off the mopping up of the old ones.
The resolution of the House followed the adoption of a motion of urgent national importance, sponsored by the member representing Ogbaru Federal Constituency, Anambra State, Mr Victor Ogene, during Thursday’s plenary session.
Recall that the CBN in October 2022, introduced new N200, N500, and N1,000 notes and commenced the circulations in December of the same year.
The apex bank’s decision to withdraw the old notes was meant with stiff resistance from millions of Nigerians who went through untold hardship in search of the then scarce new notes.
After a series of litigations, the Supreme Court fixed the December 31, 2024 deadline after which the old notes would no longer serve as legal tenders in the country.
Leading the debate, the Labour Party lawmaker recalled the difficulty Nigerian went through with the decision to redesign the naira, adding that CBN’s inability to circulate adequate new notes, came short of making life hellish in the country.
