Old Naira Notes In Limbo House Of Reps Pushes CBN For Urgent Action

Old Naira Notes In Limbo House Of Reps Pushes CBN For Urgent Action

The House of Representatives and the Central Bank of Nigeria (CBN) have conflicting stances regarding the continued use of old naira notes, with the Reps urging CBN to establish a withdrawal plan for the notes before the stated December 31, 2024, deadline…….CONTINUE READING 

However, the CBN denied the deadline, maintaining that all naira denominations—both old and redesigned—remain legal tender indefinitely, per the Supreme Court ruling from November 2023.

In plenary, the House emphasized the need for public awareness about the transition, citing past challenges during the 2023 currency change, and requested immediate action from the CBN to ensure a smoother process. In contrast, the CBN clarified that the Supreme Court’s ruling allows the old naira notes to circulate without a set end date, urging Nigerians to adopt alternative electronic payment methods to reduce cash reliance.