In a passionate address to the House of Representatives, Labour Party lawmaker Adam Victor Ogene (Anambra) recounted the intense hardship, frustration, and controversy caused by the Central Bank of Nigeria’s (CBN) currency swap policy in early 2023.
His reflections reignited concerns as the House once again urged the CBN to ensure a smooth circulation of the newly redesigned naira notes and to phase out old notes in a more organized manner.
Ogene's motion, which has sparked renewed debate, focused on the need for the CBN to not only circulate the new N200, N500, and N1000 notes widely but also to avoid a repeat of the confusion that plagued Nigerians during the initial policy implementation last year.
He warned that if proactive measures were not taken, the country could face another chaotic cash crunch.
In response, the House of Representatives unanimously called on the CBN to begin a gradual withdrawal of old naira notes from circulation, allowing more time for the smooth transition to the new currency.
Lawmakers emphasized the importance of ensuring that Nigerians, particularly those in rural areas, have easy access to the new notes to prevent another wave of financial difficulties.
The House also demanded that the CBN launch a robust public awareness campaign, educating citizens about the upcoming December 31, 2024, deadline for the full transition to the new naira notes.
The awareness programs would aim to prepare the public, particularly traders and the unbanked population, for the change and to prevent a repeat of the chaos that engulfed the country in early 2023.
The CBN is expected to respond with its plan to implement these measures, as lawmakers continue to press for reforms that will avoid further economic turmoil.
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