Following President Muhammadu Buhari’s direction in his national broadcast to the nation, Central Bank of Nigeria (CBN) Governor Godwin Emefiele claims he has met with 15 heads of commercial banks to address the ongoing cash constraint in the nation.
Emefiele discussed the new naira redesign and naira swap policy with state house reporters shortly after attending a meeting between Buhari and the house of representatives ad hoc committee on Thursday at the presidential residence.
Nigerians were informed by the CBN governor that the old N200 notes would be made available right away.
He consequently pleaded with the populace to support the idea, claiming that it would significantly boost the country’s economy.
Emefiele reaffirmed the CBN’s commitment to doing everything in its power to lessen the agony that Nigerians are now going through as a result of the cash shortage.
Buhari said earlier today that the old N200 notes would be valid till April 10.
In a countrywide speech broadcast on television, the president announced the development and stated that all old N1000 and N500 notes are still redeemable at the Central Bank of Nigeria (CBN) and other approved locations.
“To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender,” Buhari said.
Yesterday, the supreme court adjourned the hearing of the case brought against the Central Bank of Nigeria (CBN) and federal government on the naira redesign policy.
With the adjournment, the court said the old N200, N500, and N1000 notes remain legal tender.