CBN Governor Emefiele Urges Nigerians to Allow ‘Naira Redesign Policy To Work’

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has appealed to Nigerians to allow the Naira redesign policy of government to work.

Speaking with newsmen on Thursday after meeting with President Muhammadu Buhari and House Ad-hoc committee on naira re-design and swap policy at the State House, Abuja, the CBN Governor said allowing the currency swap to work

will go a long way to help the nation’s economy.

Emefiele also stated that he has met with 15 bank executives and directed them to make the N200 notes available immediately.

Also speaking, Chairman of the House Special Ad-hoc Committee on Cashless Policy, Naira Redesign and Currency Swap and Leader of the House, Hon Ado Doguwa, emphasised that going into election without “hard cash” will put members of the National Assembly at a disadvantage irrespective of the political party they belong.

He affirmed that each member of the House of Representatives is entitled to N70 million cash to pay polling agents and for other election running costs, saying if they have no hard cash, they will be disadvantaged in the exercise. 

Doguwa explained that his committee was mandated by the House and by extension, the National Assembly, to interface with the president and the CBN on the implementation of the policy.

He said although most of what they wanted to discuss with the president had been taken care of by his broadcast earlier in the day, especially the extension of the validity of the old N200 notes, there is the need to do more to ensure that his directive to the apex bank to make the money available, is carried out immediately. 

His words: “Now that the President has issued the directive, how do we ensure that the president’s directive is being carried out on the ground? 

“This is what we came to iron out today. No matter how professional a policy is, it is counterproductive if it induces suffering on Nigerians.” 

Details Later…

Deji Elumoye in Abuja 

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