••• PROMISES IMMEDIATE RELEASE OF OLD N200 NOTES
The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has that he has met with heads of 15 commercial banks to ensure availability of funds to Nigerians.
Emefiele said that the meetings with the commercial bank heads took place in Abuja after the national broadcast made by President Buhari on the ongoing implementation of the Naira redesign policy of the Federal Government.
The Central Bank Governor gave the assurance that the old N200 notes would be released immediately to the banks to ease the raging cash scarcity in the country.
Emefiele dropped the hint while speaking with State House Correspondents shortly after attending a meeting between President Buhari and the House of Representatives Adhoc committee on new Naira redesign and Naira swap policy at the Presidential Villa, Abuja.
He assured Nigerians that the apex bank would ensure that all steps are taken to alleviate the sufferings being experienced as a result of the ongoing implementation of the Naira redesign policy.
He stressed that the policy was in the interest of the nation’s economy and urged Nigerians to support it to succeed.
President Muhammadu Buhari had told Nigerians that he had granted approval to the Central Bank of Nigeria to reintroduce the old N200 note as legal tender till April 10.
Buhari said that the old N200 Will circulate alongside the new Naira notes in the country till April 10 when it would cease to be legal tender.
The President made the pronouncement in an early morning broadcast to the nation on the Challenges of the Currency Swap and State of the Nation on Thursday.
However, he said that all existing N1000 and N500 notes will be redeemable at the CBN.
He said, “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.”
Details later…
