Breaking: Emefiele arrives Villa, urges compliance to Buhari’s directive

Godwin Emefiele, the president of the Central Bank of Nigeria, stated on Thursday that since Major General Muhammadu Buhari (retd) announced his most recent directive on the new Naira policy, he had met with the leadership of at least 15 commercial banks.

Emefiele’s visit comes just hours after the president declared that only the old N200 note will continue to be accepted as legal tender until April 10, 2023 in a televised message.

The Governor of the CBN was in Abuja at the State House for a different assignment (not with the President).

He claimed that the purpose of the earlier Thursday meeting with bank executives was to ensure a plentiful supply of the previous N200 notes to lessen Nigerians’ suffering.
According to reports, Buhari earlier on Wednesday declared that the country no longer recognizes the old N500 and N1,000 banknotes as legal tender.

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.

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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 said. And I will always uphold my promise to protect 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 last quarter of 2022. I also gave my approval for the redesigned banknotes to circulate side by side with the old banknotes until January 31, 2023, when the old notes will no longer be accepted as legal tender.

“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 over the country.
“I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
“I have approved the CBN to release the old N200 bank notes back into circulation and to allow them to circulate as legal tender alongside 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,” he said.

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“All existing old N1000 and N500 notes remain redeemable at the CBN and designated points,” he continued, quoting Section 20(3) of the CBN Act 2007. I caution every citizen to make an effort to make their deposits by utilizing the platforms and windows offered by the CBN.