Reps. urge CBN to print more new naira notes, begin gradual withdrawal of old notes

Nigeria’s House of Representatives has called on the Central Bank of Nigeria to sensitise the public on the non legal tender status of the old Naira notes from 2025.

It tasks the apex bank to print more new naira notes and begin the gradual withdrawal of old N200, N500 and N1000 notes from circulation before the deadline of 31st December, 2024.

The ugly memories of hardship, frustration, controversy and chaos created in the aftermath of a change in currency in 2023 remain fresh in the minds of many Nigerians.

A Supreme Court judgment indicates the old N200, N500 and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.

Less than seventy days to the end of the year, Anambra State member, Afam Ogene, brought before the House, a motion of urgent national importance on the need for the Central Bank of Nigeria to begin sensitisation of the public.

He wants new naira notes of N200, N500 and N1000 printed and circulated to avoid a repeat of the confusion that led to anguish, loss of lives and property last year.

The lawmaker says it is high time the CBN began sensitisation of the public to avoid another round of chaos.

Allegations of lopsided employment and extra-budgetary expenditures hang on the heads of the Federal Inland Revenue Service, FIRS, Corporate Affairs Commission, CAC and the Nigeria Deposit Insurance Company, NDIC and the House has now launched a probe

The House wants the Nigerian Electricity Regulatory Commission, NERC, to place public tertiary institutions on the Service-Based Tarifff, SBT, of Band C or lower

For more effective transportation, the House wants the federal government to make appropriate budgetary provisions for the rehabilitation of the Zaria-Funtua, Gusau-Kauran Namoda rail lines in the 2025 budget estimates.