CBN Governor Emefiele directs commercial banks to pay consumers with old N200 notes

*Godwin Emefiele, Governor of the Central Bank of Nigeria, says hardship and temporary pains Naira policy implementation regrettable, assures consumers the Bank will continue to ease off the suffering associated with the current cash crunch

Isola Moses | ConsumerConnect

Sequel to President Muhammadu Buhari’s nationwide broadcast to Nigerians on the update of implementation of the Naira policy Thursday, February 16, 2023, Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) has disclosed he met with 15 commercial banks’ Chief Executives.

Emefiele said the Bankers’ Bank had directed them  to make the old N200 notes available to consumers effective from Thursday.

ConsumerConnect learnt the CBN Chief stated this development 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 Thursday.

Emefiele, in a chat with the State House Correspondents after the meeting appealed to Nigerians to allow the Naira policy to work.

According to him, he believes implementation of the policy will bring advancement to the Nigerian economy when the challenge of illicit financial flows and insecurity is resolved in the West African country.

The hardship and temporary pains due to the policy are regrettable, said he.

Emefiele, however, assured consumers, that the banking sector regulator would continue to work to ease the sufferings of Nigerians owing to the cash crunch.

It is recalled that President Buhari earlier in his broadcast, had directed the CBN to release old N200 notes into circulation to co-exist with new N200, N500, and N1000 banknotes for 60 days.

The President, however, declared that the old N500 and N1000 banknotes are no longer legal tender in Nigeria.

He equally apologised to Nigerian consumers over the hardship and sundry inconveniences being experienced in the course of implementing the Naira redesign policy in the country.