Naira Scarcity: CBN, 15 banks working on President’s directive – Emefiele

The Governor of the Central Bank of Nigeria, CBN, Goodwin Emefiele said his team has met with 15 commercial banks on how to implement President Muhammadu Buhari’s recent directives on the availability of N200 notes.

Recall that following the crisis arising from the scarcity of the newly redesigned naira notes, President Buhari on Thursday directed the CBN to release the old N200 note into circulation to ease the pain of Nigerians.

Addressing journalists at the State House after Buhari’s directives, Emefiele said commercial banks have been directed to make the old N200 notes available.

According to him, the development would help reduce the pain of Nigerians, stressing that they meet with bankers every day to get feedback on the naira policy.

He said: “President has given his directive, I have met with about 15 banks this morning and we have given them directives about how they can make all the N200 note available effective today.

“I assure Nigerians that this will help to reduce the pain. We meet with the bankers at least once daily to get feedback and I think we should let this policy work. The temporary pains are regrettable but I can assure Nigerians that it will be well.”