Godwin Emefiele Gives New Directive To 15 Bank Executives Over Old Naira Notes

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has met with 15 bank executives and instructed them to make the old 200 naira notes available beginning Thursday (today).

Thursday, after attending a meeting between President Muhammadu Buhari and the House of Representatives Special Ad Hoc Committee on Naira Redesign Policy, Cashless Policy, and Currency Swap, he made this announcement.

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In a conversation with State House Correspondents, Emefiele, who described himself as a servant, urged Nigerians to allow the policy to work because he believes it will lead to economic growth once the problem of illicit financial flows and insecurity is resolved.

The Governor of the Central Bank of Nigeria (CBN) stated that the hardships and temporary pains caused by the policy are regrettable, but that the central bank will continue to work to alleviate the sufferings of Nigerians due to the cash shortage.

Earlier, in a nationwide broadcast, Buhari instructed the CBN to release old N200 notes into circulation for 60 days alongside new N200, N500, and N1,000 banknotes.

However, he stated that old N500 and N1,000 banknotes are no longer valid in Nigeria.

The President Muhammadu Buhari also apologised to Nigerians for the difficulty in implementing the policy to redesign the naira.