District Governor Central Bank of NigeriaGodwin Emefiele, on Thursday, called on Nigerians to comply with the directives of President Muhammadu Buhari to ensure the successful implementation of the currency redesign policy.
The CBN governor also said that the bank has directed all commercial banks to make all old N200 notes available to Nigerians.
Speaking to state house reporters after a meeting with the president and the ad hoc committee of the House of Representatives on naira redesign and the new naira exchange policy, Mr. Emefiele disclosed that he had met with about 15 bank chiefs.
The new directive will increase the circulation of the N200 note and facilitate business transactions in Nigeria’s cash-based economy.
Earlier on Thursday, as part of measures to ease the hardship Nigerians are facing due to cash crunch, President Muhammadu Buhari approved the use of the old N200 note.
“To ease the supply pressure, especially for our citizens, I have given the approval to the CBN that the old N200 bank note will be released back into circulation and should also be allowed to circulate as legal tender with the new N200, N500, and N1000 notes for 60 days from February 10, 2023, until April 10, 2023, when the old N200 note is invalid,” the president said in a broadcast.
Reacting to the recent development, the CBN governor appealed to Nigerians to “allow the policy to work”.
“I can only ask Nigerians, let us allow this policy to work. This policy is one of the solutions to the problem of corruption and illicit financial flows.
“This policy is to solve some economic problems, and also reduce the problem of insecurity in the country. These three problems which are the tripod of this administration’s policy are all contained in this policy.
“There will be some temporary pains but I can assure Nigerians that the benefits to Nigerians are huge and we must give them job opportunities,” he said.
Buhari’s broadcast
In a broadcast on Thursday, Mr. Buhari acknowledged the distress Nigerians are facing due to the challenges associated with the implementation of the new notes.
“I am deeply hurt and sincerely sympathize with all of you, because of this unintended outcome,” he said.
ALSO READ: Updated: Buhari approves use of old N200 note
To address the issue, the president said he has directed the CBN to deploy all legal resources and legal means to ensure that citizens are educated on the policy, have easy access to cash withdrawals through the availability of the appropriate amount of currency, and facilitate deposits. .
The CBN has on October 26, 2022 announced its intention to redesign the 200, 500 and 1,000 naira notes to combat corruption and counterfeiting.
Since the notes were announced, Nigerians in various states have been struggling to access them from banks and ATM cash points.
Last week, the Supreme Court granted a restraining order prohibiting the implementation of the February 10 deadline set by the CBN to scrap the old notes.
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