The Nigerian House of Representatives has urged the Central Bank of Nigeria (CBN) to speed up the release of new N200, N500, and N1,000 banknotes and start taking out old notes in stages before the December 31, 2024, deadline.
The House wants to make sure that commercial banks have enough new notes and that old notes are taken out in a planned way. Lawmaker Adam Victor Ogene said it’s important to have more new notes available to avoid problems in the economy.
The House is worried that people don’t know enough about the change, so they suggested using TV, radio, and other media to spread the word across the country. With only two months left, the lawmakers are unhappy that the CBN doesn’t seem to be ready.
The Central Bank of Nigeria (CBN) is anticipated to address the House’s recommendations, explaining its plan for a seamless shift before the January 2025 deadline.
