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

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said he met with some banks on Thursday, 17 February 2023, to discuss how the N200 notes can be disbursed to Nigerians.

Emefiele revealed that at least 15 banks have received directives on how they should make the old N200 notes available to cushion the Naira scarcity caused by the Naira redesign policy.

He made this known to State House correspondents on Thursday after a meeting with President Muhammadu Buhari in Abuja, who had earlier informed Nigerians in an early nationwide broadcast on the same day that the old N200 notes will be circulated, as well as the new N500 and N1,000 notes. 

Prime Business Africa reported 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.” 

Following the President’s directive, Emefiele ruled out the return of the old N500 and N1,000 notes, stating that President Buhari’s statement is final. 

“The truth is this, we are all servants. We are serving the Nigerians as far as I am concerned. The Attorney-General of the Federation has spoken on this matter and the president has sealed up the whole of the issue in his broadcast this morning,” the CBN governor said. 

Emefiele dismissed the ruling of the Supreme Court which ordered the old N200, N500 and N1,000 to remain legal till 22 February 2023. 

The Supreme Court had made the ruling in a case filed by Kaduna, Kogi and Zamfara State governments against the Federal Government. 

Prime Business Africa reported that the apex court adjourned the case which centres around the deadline to phase out the old Naira notes.