Banks Begin Payment Of Both Old, New N200 Notes To Customers

Following President Muhammadu Buhari’s directive on in his national broadcast to the nation and Governor of Central Bank of Nigeria (CBN), Godwin Emefiele order on immediate circulation of N200 notes, Deposit Money Banks (DMBs) have started payment of both old and new Naira notes along with other lower denomination of the currency.

Many bank branches said Emefiele had directed banks to comply with Mr President Directive on the N200 old notes.

The Apex bank’s boss, who met with 15 heads of commercial banks yesterday to ease the ongoing cash crunch in the country, disclosed this to state house correspondents shortly after attending a meeting between Buhari and the House of Representatives ad hoc committee on 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.

Emefiele said since President Muhammadu Buhari announced his latest directive on the new Naira policy, he has met with the leadership of about 15 commercial banks.

Emefiele, said that he had directed banks to ensure ample circulation of old N200 notes as directed by President Muhammadu Buhari.

He said he had met with the management of at least 15 commercial banks since the nation-wide broadcast of the president this morning.

Emefiele said his meeting with the bank executives was to find ways to alleviate the sufferings of Nigerians by making the old N200 notes readily available.

President Muhammadu Buahari, in a nation-wide broadcast, announced that only the old N200 notes would continue to be legal tender till April 10, 2023.