The people in Nigeria’s House of Representatives have told the Central Bank of Nigeria (CBN) to hurry up and give out the new N200, N500, and N1,000 money notes. They want this done so they can start taking away the old money notes bit by bit.
This needs to happen because by the end of December 31, 2024, the old money notes won’t be allowed anymore. This was decided by the big court in Nigeria, called the Supreme Court.
A person named Adam Victor Ogene from the House, who comes from a place called Anambra, said it’s really important to have more of the new money in all banks in Nigeria. He’s worried that if this doesn’t happen, there could be big problems with money in the country.
He said the Central Bank should make sure banks have enough new notes for everyone. At the same time, they need to carefully remove the old money from use.
Ogene pointed out if the Central Bank doesn’t act fast, the country could face bad money troubles when the old notes stop being usable. “Based on what the Supreme Court said, the N200, N500, and N1,000 notes will stop being money you can use to buy things in Nigeria starting from January 1, 2025,” Ogene said when talking with the other people in the House.
Ogene and other people in the House are also worried because people aren’t being told about these changes. They think the Central Bank should have started telling everyone through TV, radio, newspapers, and online long before now.
Ogene believes doing this would help everyone, so they know about the change to new notes and understand the old ones are going away.
Key Points to Remember
With only two months left until the changeover, the lawmakers are not happy because it seems like the Central Bank hasn’t made any plans.
- Ogene mentioned that the Central Bank should have started telling people with TV and radio announcements, social media, and newspapers three months ago.
- But with just two months left, it doesn’t look like the Central Bank is ready for this big job.
- The House is urging the Central Bank to hurry and put things in place so people don’t have trouble with their money every day.
- They also want to make sure people in faraway areas, who may not go to the bank often or use online banking, understand what’s happening.
Now, everyone is waiting for the Central Bank to respond to these requests and explain how they will make the change smooth before January 2025 comes.