Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has revealed the central bank’s aim with the naira policy.
Emefiele stated on Thursday that the policy was implemented to address corruption, illicit financial flows, the economy, and insecurity.
Reiterating his position on the exchange of old N1,000, N500, and N200 notes, the deadline for which expired on February 10, 2023, Emefiele stated that all will be well, despite the country’s issues.
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Emefiele mentioned this in an interview with Channels Television on Thursday.
He said, “We are all servants serving Nigeria. As I’m concerned, the Honourable Attorney General of the Federation (Malami) has spoken on this matter (cash crunch) and the president (Muhammadu Buhari) sealed the whole of the issues this morning (Thursday) in his broadcast.
“I can only appeal to Nigerians. Let’s allow this policy to work. This policy is one that goes to solve the problem of corruption and illicit financial flow. The policy goes to solve some of the problems in the economy. This policy also goes to reduce insecurity in the country.
“These three issues (aforementioned) which are the tripod of this administration’s policy are all embedded in this policy. So, we should just allow it to work.
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“There are some temporary pains but I can assure Nigerians that the long-term benefit is overwhelming and we should just give it a chance to work.”
In response to President Buhari’s directive, he stated that he had talked with certain commercial banks in order to make the old 200-naira notes available to Nigerians.
He added, “Temporary pains are regrettable but I can assure Nigerians that it will be well.”
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