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Emefiele in Aso Rock, says CBN’ll flood commercial banks with old N200 notes 

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The Central Bank of Nigeria (CBN) Governor Godwin Emefiele has promised to make available enough N200 notes available to the public to resolve the current cash crunch triggered by the Naira Swap Policy of the Federal Government.


Emefiele on Thursday met behind closed doors with President Muhammadu Buhari at Presidential Villa, Abuja.


Speaking to State House Correspondents after the meeting for the first time since the new policy became operational, Emefiele revealed that his engagement with the President centered on the Naira redesign, the scarcity of the currencies thereafter and how best to ensure that things normalize quickly.


The CBN Governor who granted a press interview for the first time since the new policy became operational revealed that the meeting centered on the Naira redesign and the scarcity of the currencies.


The CBN Governor also disclosed that the apex bank will flood the commercial banks with the old Naira notes as approved by President Buhari in his dawn nationwide broadcast on Thursday, adding that he held a crisis management meeting with no fewer than 15 deposit banks’ Chief Executives earlier on Thursday in Abuja on the new strategies to resolve the scarcity of the Naira notes.


Said he: “Mr. President has given directives in a nationwide broadcast, so CBN is favourably disposed to carry out the directives to the latter. We are going to release the old Naira notes back into circulation to ease the pressure.


“I have met with 15 commercial banks in Abuja on ways to ameliorate the sufferings of Nigerians due to the new Policy but it’s for the benefit of the country. I plead with Nigerians to give the policy the chance to succeed.


“We have put safeguards to ensure that the banks work with us to make both the redesigned Naira notes and old notes available to customers”.


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