From: Abuja
The House of Representatives has announced that old naira notes will cease to be legal tender by December 31, 2024 . This decision was made during Thursday's plenary, where lawmakers urged the Central Bank of Nigeria (CBN) to begin sensitizing the public about the deadline.
Additionally, commercial banks have been directed to stop dispensing old N200, N500, and N1,000 notes to customers.
The lawmakers' decision follows a motion sponsored by Afam Ogene, a Labour Party member representing Anambra state, which was adopted by the lower legislative chamber. As part of the implementation, the House directed its Committee on Banking Regulations to ensure compliance and report back to the House within 21 days.
This move aims to promote a smoother transition to the new naira notes and reduce potential disruptions in financial transactions. With the deadline set for December 31, 2024, Nigerians are advised to take necessary steps to exchange their old naira notes for new ones.
Tags
Business