The Governor of Kaduna State, Nasir El-Rufai urged citizens of the state to keep spending old naira notes citing the Supreme Court’s order that they are still legal tender.
El-Rufai disclosed this in a statement on Thursday night, coming after President Muhammadu Buhari extended the use of the old Naira notes for sixty days.
He told residents that despite the CBN and FG’s statement, they should hold on to their old notes as the law is on their side.
You won’t lose money: El-Rufai urged citizens to remain calm and peaceful, adding that they would not lose the value of their old notes and should keep using them as legal tender, he said:
- “Let us stay calm and peaceful, and support the lawful means being utilised to solve our problems.
- On behalf of the Kaduna State Government, I wish to assure you that none of you would lose the money you have in old notes. The law is on your side
- “Let no artificial or illegal deadline frighten you, whether you live in towns or villages, do not feel stampeded to deposit old notes in the banks.
- “Hold on to them and continue to use them as legal tender as ordered by the supreme court of Nigeria, no deadline can render them worthless, the law is on your side.”
He added The Central Bank of Nigeria Act, 2007 and the Bills of Exchange Act, oblige the CBN to recognise old notes and give value to new notes whenever you bring them to the CBN, even in the next 100 years.
What you should know
The Kaduna State Governor, Nasir El-Rufai, earlier accused the Central Bank of Nigeria (CBN) of printing only N300 billion new redesigned naira notes after mopping up over N2 trillion of the old naira notes.
He said that APC governors under the aegis of the Progressive Governors’ Forum (PGF) had asked President Muhammadu Buhari to prevail on the CBN to allow the old and new naira notes to co-exist to ease the tough time Nigerians are going through.
The Supreme Court on Wednesday affirmed that its order which temporarily barred the Federal Government and the Central Bank of Nigeria (CBN) from enforcing its February 10 deadline for the swapping of the old naira notes with the newly redesigned naira notes is still valid.
The apex court maintained its earlier ruling which allowed the use of old N200, N500, and N1,000 naira notes still subsist.
