Emefiele directs bank executives to make old N200 notes available

Godwin Emefiele, the Governor of the Central Bank of Nigeria says he has directed executives of commercial banks to make the old 200 naira notes available.

Emefiele disclosed this to State House correspondents shortly 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 on Thursday, February 16, 2023.

He appealed to Nigerians to allow the policy to work, saying he believes the policy would bring advancement to the nation’s economy.

He assured that the CBN would continue working to ease the sufferings Nigerians are going through as a result of the cash crunch.

Earlier, President Muhammadu Buhari had in a nationwide broadcast extended the validity of the old N200 banknote by 60 days.

The president directed the CBN to release the old N200 notes into circulation to co-exist with new N200, N500, and N1,000 banknotes.

“To further ease the supply pressures, particularly to our citizens, 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,” Buhari said.

The president’s position affirmed the February 10 deadline for the cash swap policy by the CBN as he maintained that the old N500 and N1000 banknotes are no longer legal tender in the country.

His position also countered the Supreme Court’s pronouncement which recognises the old notes of the redesigned denominations as legal tender.