…Criticizes Apex Bank’s Delay in Public Awareness Campaign
The House of Representatives has called on the Central Bank of Nigeria (CBN) to accelerate the withdrawal of old currency notes while increasing the circulation of new N200, N500, and N1,000 notes.
This move aims to ensure a smooth transition ahead of the December 31, 2024 deadline for phasing out the old notes.
In a resolution passed during plenary, the lawmakers urged the CBN to direct commercial banks to prioritize the distribution of the new notes to customers, while gradually reducing the presence of old notes in the economy.
The House’s decision followed a motion of urgent public importance presented by Adam Victor Ogene (LP, Anambra).
Ogene emphasized the need for the CBN to launch an intensive public awareness campaign to educate Nigerians about the transition.
He pointed out that with just two months remaining until the deadline, there is no visible effort by the CBN to prepare the public for the impending change.
“According to the Supreme Court ruling, the N200, N500, and N1,000 notes will cease to be legal tender from January 1, 2025,” Ogene stated.
He further criticized the CBN for failing to initiate awareness campaigns promptly, suggesting that efforts such as jingles, media advertisements, and social media posts should have commenced three months ago.
The House, therefore, urged the CBN to immediately begin widespread public education to avoid confusion and ensure a seamless currency transition.
