posted February 18, 2023
… Saying Hardship, Pains of Policy Are Regrettably Temporal
Godwin Emefiele, Central Bank of Nigeria (CBN) Governor, said he has met with 15 bank executives and directed them to make available the old N200 from Thursday February 17.
He disclosed this coming out from a meeting between President Muhammadu Buhari and the House of Representatives Special Ad Hoc Committee on Naira Redesign Policy, Cashless Policy, and Currency Swap on Thursday.
Answering questions from State House Correspondents after the meeting, Emefiele said he believes that the policy will help bring genuine growth and stability to the nation’s economy after containing the illicit financial flows and insecurity, which led to the redesigning of the currency, in the first place.
While stating that he’s aware, though, regrettably the attendant hardship and pains that the policy has brought upon the masses, he however, assured that the apex bank will continue to work to seek ways ease the sufferings of Nigerians owing to the cash crunch.
It will be recalled that President 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.
Emefiele however, emphatically declared that the old N500 and N1,000 banknotes’ chapter is closed as legal tender in Nigeria.