Banks begin payment of N200 over the counter

Banks have started payment of both old and new Naira notes along with other lower denomination of the Naira currency. Most banks in the early hours of Thursday were holding meetings on how to go about the payment. Many bank branches said that Governor of Central Bank of Nigeria, Mr. Godwin Emefiele had directed that banks should comply with Mr President Directive on the N200 old notes. Emefiele said since President Muhammadu Buhari announced his latest directive on the new Naira policy, he has met with the leadership of about 15 commercial banks.

Emefiele, said that he had directed banks to ensure ample circulation of old N200 notes as directed by President Muhammadu Buhari. He said he had met with the management of at least 15 commercial banks since the nation-wide broadcast of the president this morning. Emefiele said his meeting with the bank executives was to find ways to alleviate the sufferings of Nigerians by making the old N200 notes readily available. President Muhammadu Buahari, in a nation-wide broadcast, announced that only the old N200 notes would continue to be legal tender till April 10, 2023. He said the old N500 and N1, 000 notes had seized to be legal tender since Feb. 10