The resolution of the House followed the adoption of a motion of urgent national importance on the need for CBN to sensitize Nigerians about the non-legal tender status of old naira notes from January 1, 2025, moved during plenary by Afam Ogene.
The Green Chamber also urged the CBN to issue more new two hundred, five hundred and one thousand naira notes.
Presenting the motion, Ogene recalled the hardship, frustration, controversy and chaotic situation occasioned by the CBN change of currency in 2023, which affected the validity of the old naira notes at the time and resulted in litigations.
He said going by the Supreme Court’s subsequent ruling and order, the two hundred, five hundred and one thousand naira notes would cease to be legal tender in Nigeria, and shall also cease to be in circulation as from January 1, 2025.
He decried that with about two months to the deadline, there was nothing to show that the apex bank was prepared for the exercise.
The House resolved to urge the CBN to order commercial banks to forthwith, stop cash payment to their customers with old the old two hundred, five hundred and one thousand naira notes.
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