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Despite the current cash crunch in the country, the Central Bank of Nigeria (CBN) Governor Godwin Emefiele has reiterated his stance on the swapping of the old ₦1,000, ₦500, and ₦200 notes adding that “it will be well”.
While there has been controversy over the deadline with some governors dragging the apex bank to the Supreme Court and the court restraining the bank from implementing the deadline, the CBN urged Nigerians to endure the pain for a short while.
Emefiele said this on Thursday during a chat with Channels Television.
“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.
“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.”
On President Buhari’s directive, he said he has met with some commercial banks to make the old ₦200 notes available for Nigerians.
“Temporary pains are regrettable but I can assure Nigerians that it will be well,” he said.