Naira: Latest CBN News, Update On Naira Notes For Feb. 17, 2023

As the controversy associated with the new naira notes rages on, The Editor Nigeria brings you the latest update on the controversial policy of the Central Bank of Nigeria (CBN).

CBN Governor, Emefiele In Aso Villa, Gives Directives

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Thursday visited Aso Villa.

Emefiele’s meeting in the villa is coming hours after President Muhammadu Buhari addressed Nigerians on the challenges experienced due to the naira swap policy of the apex bank.

President Buhari on Thursday confirmed that he approved the policy carried out by the CBN.

Emefiele while speaking on President Buhari’s statement in the early hours of Thursday said he had met with the leadership of at least 15 commercial banks.

Recall that President Buhari approved that only the old N200 note will remain a legal tender until April 10, 2023.

Emefiele disclosed that he met with the leadership of the banks to ensure an ample supply of the old N200 notes to alleviate the suffering of Nigerians.

Buhari Extends Usage Of Old 200 Naira Notes, Set New Deadline

President Muhammadu Buhari has approved the continous usage of the old 200 naira notes as a legal tender until the 10th of April.

Naija News reports that Buhari made this known in a nationwide broadcast on Thursday.

The president stated that the old 200 naira notes will be distributed back into circulation.

Buhari said: “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 ceases to be legal tender.

“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.

“Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.”

CBN Launches Portal For Collection Of Old Naira Notes

The Central Bank of Nigeria (CBN) has launched a portal for the collection of old naira notes to ease the suffering of Nigerians.

Naija News reports that a notification titled ‘Redemption of Currency’ on the website of the apex bank on Wednesday shows the start of the old naira notes collection.

The notification provides a link to the portal to enable Nigerians to deposit their old N1,000, N500, and N200 notes by completing an online form.