Naira Redesign: Emefiele Issues New Directive To 15 Banks, Dismisses Supreme Court Order

Foreign Representatives Meet CBN’s Emefiele Over Naira Redesign Chaos

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Diplomatic Corps met with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Tuesday, 14 February 2023, amid the Naira redesign policy that has caused chaos within the country.

According to a statement released by the central bank via its Twitter handle, Emefiele briefed the diplomats representing other countries within Nigeria. 

During the meeting, Emefiele reiterated the financial regulator’s stand against Naira hoarding, which is the major reason the CBN said it initiated the Naira redesign policy.

Recall that in October 2022, Emefiele disclosed that the currency in circulation was N3.3 trillion, however, the cash in circulation, which is outside the banking system is N2.7 trillion. 

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He revealed that Nigerians are hoarding the N2.7 trillion, causing the CBN to spend more on currency production. 

To tackle those hoarding the Naira, Emefiele said the CBN would redesign the N200, N500 and N1,000 notes. The new banknotes were released in December 2022. 

Nigerians were given two months to deposit the old Naira notes to their various banks before January 31, 2023. The deadline was later moved to February 10, 2023. 

However, Nigerians depositing the old Naira notes at the banks have not been able to withdraw new currencies, as the CBN failed to print sufficient banknotes to meet demands. 

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This has led to some Nigerians attacking the properties of banks, demanding their money. Also, bank officials have stopped wearing their uniforms to avoid attacks. 

While updating the diplomatic corps on Tuesday, CBN wrote in the statement, “Central Bank of Nigeria Governor, Mr. Godwin Emefiele, briefs Diplomatic Corps on Currency Redesign; sues for understanding. 

“CBN Governor, Godwin Emefiele warns against hoarding of currency notes; cautions that law enforcement agencies will arrest those who disrespect the Naira. 

“CBN Governor, Godwin Emefiele, restates Bank’s commitment to deepening cashless policy,” the financial regulator wrote in the post.

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