BREAKING: Emefiele urges adherence to Buhari’s order when he arrives at Villa.
Since the President, Major General Muhammadu Buhari (retd), announced his most recent instruction on the new Naira policy, the Central Bank of Nigeria’s President, Godwin Emefiele, claimed he had met with the leadership of at least 15 commercial institutions.
Hours prior to Emefiele’s arrival, the President indicated via broadcast message that only the old N200 note would continue to be accepted as legal tender until April 10, 2023.
The CBN Governor was in Abuja at the State House for a different task (not with the President).
He said that the purpose of the discussion with bank officials earlier on Thursday was to guarantee a plentiful supply of the previous N200 notes to lessen Nigerians’ pain.
According to Dailyupdates, Buhari earlier on Wednesday declared that the country no longer recognizes the old N500 and N1,000 banknotes as legal cash.
While urging Nigerians to deposit their old N500 and 1000 notes with the CBN, he nonetheless stated that the old N200 note would continue to be valid for payment for the next 60 days, or until April 10, 2023.
Let me reassure Nigerians that our administration’s top priorities continue to be boosting our economy, enhancing security, and preventing leaks connected to illicit financial flows, the president stated. And I will always uphold my promise to safeguard and advance Nigerians’ interests and those of the country.
“I gave the Central Bank of Nigeria permission to redesign the N200, N500, and N1000 Nigerian banknotes in the fourth quarter of 2022.
I also gave my approval for the redesigned banknotes to circulate side by side with the existing banknotes until January 31, 2023, when the old notes would no longer be accepted as legal money.
“From January 31 to February 10, when the deadline for the currency swap was extended, I listened to wise counsel from institutions and well-meaning citizens all around the country.
“I similarly conducted extensive consultations with members of the Council of State and the State Governors. Above all, I have underlined that the case is before the courts of our nation, and some pronouncements have been made, as a government that respects the rule of law.
“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 February 10, 2023 to April 10, 2023, when the old N200 notes cease to be legal tender,” the statement reads. “This will further ease the supply pressures, particularly to our citizens.”