IN a determined effort to resolve the current cash crunch triggered by the currency redesign policy of the Federal Government, President Muhammadu Buhari again met with the embattled Central Bank of Nigeria (CBN) Governor Godwin Emefiele today at the Presidential Villa, Abuja.
Emefiele, who spoke to State House correspondents after the meeting, disclosed that his engagement with the President centred on the naira redesign, scarcity of the currencies, and how best to ensure that things normalise quickly.
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He also spoke on efforts to flood the commercial banks with the old N200 note, as well as the other notes as approved by President Buhari in his nationwide broadcast today.
He disclosed he had earlier today held a crisis management meeting with no fewer than 15 chief executives of commercial banks in Abuja on the new strategies to resolve the scarcity crisis.
“Mr. President has given directives in a nationwide broadcast, so the CBN is favourably disposed to carrying out the directives to the latter. We are going to release the old naira notes back in 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,” he said.
Emefiele further said safeguards had been put in place to ensure that the banks work closely with the apex bank to make both the redesigned naira notes and old notes available to customers.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.