Emefiele Directs Banks to Make Old N200 Notes Available
The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has directed executives of commercial banks to make the old 200 naira notes available.
Emefiele told State House correspondents shortly after he attended a meeting between President Muhammadu Buhari and the House of Representatives Special Ad Hoc Committee on Naira Redesign Policy, Cashless Policy, and Currency Swap on Thursday in Abuja.
He appealed to Nigerians to allow the policy work as it would advance the country’s economy.
Emefiele assured that the CBN would continue working to ease the pains Nigerians are going through due to the result of the cash crunch.
Business Africa Digest reports that President Buhari had Thursday Morning announced his approval in a national broadcast.
“I am addressing you as your democratically elected president to sympathize with you over the hardship being experienced as a result of the naira redesign policy.”
“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.”
In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”
