Governors’ Forum Invites Emefiele Over Redesigned Naira Notes

The Nigeria Governors’ Forum has invited the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to a meeting over the redesigned naira notes and the timeline to fade out old notes.

The invitation which was sent out by the Director-General of the Forum, Asishana Okauru noted that the agenda of the meeting will dwell significantly on the recent redesigning of the N200, N500 and N1,000 notes, as well as the withdrawal policy of the CBN.

According to him, the agenda of the virtual meeting, is titled, ‘The Economic and Security implications of naira redesign and withdrawal policy’.

A statement by the NGF Head of Media and Public Affairs, Abdulrazaque Bello-Barkindo said the discussions promise to foster participation and dialogue between various stakeholders including governments and civil society organisations to come out with a solution to the lingering issue.

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The redesigned N200, N500 and N1,000 notes were launched by President Muhammadu Buhari on November 23, 2022. However, there have been concerns from many Nigerians over the slow spread of the three new naira notes as the January 31 2023 deadline approaches but the apex bank has insisted that the date stands.

The apex bank also ordered Deposit Money Banks (DMOs) and other financial institutions to ensure that weekly over-the-counter (OTC) cash withdrawals by individuals and corporate entities do not exceed N500,000 and N5m respectively.