Godwin Emefiele Directs Commercial Banks To Make Available N200 Notes to Nigerians

Godwin Emefiele Directs Commercial Banks To Make Available N200 Notes to Nigerians

  • Godwin Emeifle has directed commercial banks to begin paying N200 notes to customers
  • This follows Thursday's announcement from President Muhammdu Buhari extending N200 notes use for another 60 days
  • President Muhammdu is hoping that the new directive help douse the tension in the country

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The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has appealed to Nigerians for understanding as he meets with 15 bank executives on Thursday, 16 February 2023.

Emefiele in the meeting directed the bank executives to make the old 200 naira notes available.

He made this known 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.

CBN governor Emeifele
Emefiele wants banks to pay customer with N200 Credit: @cbn
Source: Getty Images

The CBN Governor stated that the hardship and temporary pains due to the policy are regrettable, but assured that the apex bank will continue to work to ease the sufferings of Nigerians owing to the cash crunch.

Read also

After Buhari’s speech, Emefiele visits Aso Rock, speaks about directives on old naira notes

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While describing himself as a servant, Emefiele appealed to Nigerians to allow the policy to work because he believes it will bring advancement to the nation’s economy when the challenge of illicit financial flows and insecurity is resolved.

Buhari speaks to Nigerians

Buhari had earlier in a nationwide broadcast, directed the CBN to release old N200 notes into circulation to co-exist with new N200, N500, and N1,000 banknotes for 60 days.

He, however, said old N500 and N1,000 banknotes are no longer legal tender in Nigeria, Punch reports.

The President also apologized to Nigerians for the difficulty experienced in the implementation of the naira redesign policy.

Part of president's speech reads:

"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 Feb. 10, 2023 to April 10 2023."

Read also

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

CBN to arrest PoS operators, naira note vendors, releases contact details

Meanwhile, the Central bank of Nigeria has expressed its intention to punish PoS operators that charge high withdrawal fees

The CBN is also targeting naira note dealers as it ramps up its efforts to alleviate Nigerians' sufferings

The CBN has also made phone numbers and email addresses available for Nigerians to report offenders

Source: Legit.ng

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Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.