After Buhari’s Speech, Emefiele Visits Aso Rock, Speaks About Directives on Old Naira Notes

After Buhari’s Speech, Emefiele Visits Aso Rock, Speaks About Directives on Old Naira Notes

  • The CBN Governor, Godwin Emefiele, said he has met with 15 bank executives on the supply of old N200 notes
  • He said the meeting was to see how the banks can help dispense the old N200 notes across the counter and ATMs
  • President Buhari extended the shelf life of the N200 notes until April 10, 2023, and asked Nigerians to return old N500 and N1000 banknotes to CBN

The Governor of the Central Bank of Nigeria, Godwin Emefiele, said he has met with about 15 bank executives over President Muhammadu Buhari’s directive on new naira notes.

Emefiele said this as he visited Aso Villa after President Buhari announced that only N200 notes would remain legal tender in Nigeria until April 10, 2023.

Emefiele, CBN, old naira notes, Buhari
Governor of the Central Bank of Nigeria, Godwin Emefiele Credit: Bloomberg/Contributor
Source: Depositphotos

Emefiele meets with bank executives

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Godwin Emefiele directs commercial banks to make available N200 notes to Nigerians

The CBN boss said he met with the bank top shots to see how the banks can supply the old N20o notes to customers until April 10, 2023.

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Punch reports that Emefiele was at the State House for a separate event unrelated to Buhari.

President Buhari stated on Thursday, February 16, 2023, that only the old N200 notes will remain legal tender in Nigeria until April 10 and urged Nigerians to return the old N500 and N1000 notes to the CBN.

Buhari said:

“Let me re-assure Nigerians that strengthening our economy, enhancing securit,y and blockage of leakages associated with illicit financial flows remain top priorities 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.
“In the last quarter of 2022, I authorised the Central Bank of Nigeria to redesign the N200, N500, and N1000 Nigerian banknotes. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till January 31 2023, before the old notes cease to be legal tender.

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Emefiele Arrives in Aso Rock, Speaks on President Buhari’s Broadcast

“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.
“To further ease the supply pressures, particularly to our citizens, I have approved 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 cease to be legal tender.”

Buhari urged Nigerians to return the old N500 and N1000 notes to the CBN or use other platforms provided by the apex bank to return the banknotes.

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Buhari says Old N500, N1000 notes no longer legal tender

Buhari says old N500, N1000 notes no longer legal tender, gives CBN stern order on N200

Legit.ng reported that President Muhammadu Buhari has said that old N500 and N1,000 notes remain illegal in Nigeria.

The President stated this on Thursday, February 16, 2023, during his nationwide address to Nigeria over chaos caused by the scarcity of naira notes in the country.

Buhari, who apologised to Nigerians over the cash crisis, said that the old N200 note will remain legal tender until 60 days, citing April 10, 2023, as the new deadline.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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