Naira redesign: Emefiele meets top bank executives after Buhari address

Oluwanifemi Ojo
Oluwanifemi Ojo
Abuja court gives DSS one week to charge Emefiele or release him

The President of the Central Bank of Nigeria, Godwin Emefiele, on Thursday said he had met with the top executives of not less than 15 banks after the President broadcasted the latest naira policy.

The CBN governor visited the State House at Abuja not long after the President addressed the nation on the new naira policy. Although, this was for a special assignment that is not with the President.

Emefiele mentioned that the reason he met with the top bank executives was to ensure the adequate supply of the N200 notes to relieve Nigerians of the hardship the redesign naira has caused.

The policy holds that the old N200 still remains in circulation until April 10 which is 60 days after the previously extended deadline of February 8.

This decision was made to ease the hardship experienced because of naira scarcity.

While addressing the nation Buhari 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.”

Meanwhile, the N500 and N1000 notes are no longer legal tender according to the policy announced by the President.

Buhari reaffirmed his commitment to the country saying, “Let me reassure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.”

The president said, “During the extended phase of the deadline for currency swap, (from January 31 till February 10) I listened to invaluable pieces of advice from well meaning citizens and institutions across the nation,”

“I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.

He further stated that the N1000 and N500 notes can still be deposited in any of the CBN’s branches.

Buhari said, “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. I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”

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