Old N200 Notes Will Be Circulated Immediately – Emefiele Says

The governor of the central bank of Nigeria, Godwin Emefiele, says he has met with heads of commercial banks in the country over President Muhammadu Buhari’s pronouncement on the circulation of the old N200 notes.

Emefiele spoke to state house correspondents shortly after attending a meeting between Buhari and the house of representatives ad hoc committee on the new naira redesign and naira swap policy at the presidential villa, on Thursday.

The CBN governor assured Nigerians that the old N200 notes will be made available immediately.

He, therefore, appealed to the citizens to allow the policy to work, saying it would go a long way in helping the nation’s economy.

Emefiele also assured that the CBN will continue to do everything possible to ease the sufferings currently being experienced by Nigerians due to the cash crunch.

Buhari had earlier on Wednesday said the old N500 and N1,000 banknotes are no longer legal tender in the country.

He, however, said the old N200 note will be legal tender for the next 60 days, till April 10, 2023, while besieging Nigerians to deposit their old N500 and 1000 notes with the CBN.

The president said, “Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain the top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.

“In the last quarter of 2022, I authorised the Central Bank of Nigeria to redesign the N200, N500, and N1000 Nigerian banknotes. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.

“During the extended phase of the deadline for currency swap, (from January 31 till February 10) I listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.

“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.

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

He continued, “In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points. I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”