Godwin Emefiele, the governor of Central Bank of Nigeria
(CBN), says he has met with 15 heads of commercial banks to ease the ongoing
cash crunch in the country, following President Muhammadu Buhari’s directive in
his national broadcast to the nation.
Emefiele spoke to state house correspondents shortly after
attending a meeting between Buhari and the house of representatives ad hoc
committee on new naira redesign and naira swap policy at the presidential
villa, on Thursday.
The CBN governor assured Nigerians that the old N200 notes
will be made available immediately.
He, therefore, appealed to the citizens to allow the policy
to work, saying it would go a long way in helping the nation’s economy.
Emefiele also assured that the CBN will continue to do
everything possible to ease the sufferings currently being experienced by
Nigerians due to the cash crunch.
Earlier today, Buhari announced the extension of the
validity of old N200 notes till April 10.
The president, announcing the development in a televised
nationwide address, said all existing old N1000 and N500 notes remain
redeemable at the Central Bank of Nigeria (CBN) and designated points.
“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.
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