Since the President, Major General Muhammadu Buhari (retd), announced his most recent directive on the new Naira policy, the Central Bank of Nigeria’s President, Godwin Emefiele, said he had met with the leadership of at least 15 commercial banks.
Hours prior to Emefiele’s arrival, the President announced via televised 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 claimed that the purpose of the meeting with bank executives earlier on Thursday was to guarantee a plentiful supply of the previous N200 notes to lessen Nigerians’ suffering.
The old N500 and N1,000 banknotes are no longer considered legal tender in the nation, according to a report made by Buhari earlier on Wednesday.
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However, he declared that the old N200 note would continue to be valid for payment until April 10, 2023, while urging Nigerians to deposit their old N500 and N1000 notes with the CBN.
“Let me re-assure Nigerians that strengthening our economy, enhancing security, and preventing leakages linked to illicit financial flows remain top priorities of our administration,” the president said. And I will always be devoted to upholding and advancing Nigerians’ and the country’s interests, as promised in my oath.
I gave the Central Bank of Nigeria permission to redesign the N200, N500, and N1000 notes for use in the final quarter of 2022. I also agreed that the new banknotes should circulate side by side with the old banknotes until January 31, 2023, when the old notes will no longer be accepted as legal tender, to ensure a smooth transition.
“From January 31 to February 10, which was the extended deadline for the currency swap, I listened to incredibly helpful advice 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.
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“I have approved 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 CBN stated in a statement.
According to Section 20(3) of the CBN Act 2007, he continued, “All existing old N1000 and N500 notes continue to be redeemable at the CBN and designated points. I urge every citizen to make an extra effort to make deposits by utilizing the CBN’s platforms and windows.
