The House of Representatives has been cautioned to focus on more pressing matters in the country than the issue of old and new Naira notes.
These calls were made by a cross-section of traders in various markets in Umuahia, Abia State, on Friday morning in reaction to the directive given to the Central Bank of Nigeria by the House of Representatives, which asked the apex bank to mop up old Naira notes of N200, N500, and N1000 from circulation and make more of the new notes available before December 31, 2024.
Reacting to the call, the traders thanked the Central Bank of Nigeria for its timely clarification on the matter, saying that the CBN’s position calmed the tension raised by the House of Representatives’ earlier directive.
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The House of Representatives has been cautioned to focus on more pressing matters in the country than the issue of old and new Naira notes.
These calls were made by a cross-section of traders in various markets in Umuahia, Abia State, on Friday morning in reaction to the directive given to the Central Bank of Nigeria by the House of Representatives, which asked the apex bank to mop up old Naira notes of N200, N500, and N1000 from circulation and make more of the new notes available before December 31, 2024.
Reacting to the call, the traders thanked the Central Bank of Nigeria for its timely clarification on the matter, saying that the CBN’s position calmed the tension raised by the House of Representatives’ earlier directive.
Some of the traders, including Mr. David Nduzuoke (butcher), Franca Deborah (tomato seller), and Kalu Igu (cosmetics dealer), along with others at Orie Ugba and Isi Gate markets in Umuahia, recalled the difficult experiences they faced from December 2022 to the first quarter of 2023 during the cash scarcity.
According to the traders, the mention of old naira notes alone could have created major anxiety in the economy if not for the CBN’s prompt intervention.
They argued that many traders would have started rejecting the old notes as early as October, while others might have begun hoarding the new notes in preparation for any potential shortage.
“We thank the CBN for immediately rejecting the call by the House of Representatives. A people we elected to represent us have gone there to concentrate on less important things.
“They should make laws that will bring down the price of fuel, create employment, or stimulate the economy, and forget about old or new naira. They should not make us remember what we went through during the days of Emefiele,” said Nduzuoke, the butcher at Orie Ugba.
Meanwhile, the CBN, speaking through Sidi Hakama, its acting Director of Corporate Communications, has assured Nigerians that the old notes will remain valid indefinitely, dispelling fears that the notes would cease to be legal tender by the end of December 2024.
Recall that Afam Ogene (LP, Anambra) had raised a motion of national importance calling on the CBN to make more new N200, N500, and N1000 notes available and to begin the mop-up of the old ones from circulation.
