Nasir El-Rufai, the Governor of Kaduna State claims that the CBN withdrew over N2 trillion from circulation but printed only N400 billion, which he says was an unlawful implementation of the Naira redesign policy by the CBN.
The Kaduna Governor disclosed this in an online statement on Sunday evening titled, “ABC of Currency Redesign vs. XYZ of Cash Confiscation Explained.”
He also added that due to the poor implementation, Trade and exchange have collapsed in Nigeria which has increased human suffering, impoverishment and economic contraction.
Unlawful implementation: El-Rufai noted that CBN printing just 20% of what they withdrew in old notes is an unlawful implementation of the Central Bank of Nigeria Act, he said:
- “Currency redesign was approved by the President and announced. Currency recolouring resulted.
- “Currency swap was envisaged by section 20(3) of the Central Bank of Nigeria Act as approved by PMB. Swap means I take N100,000 to the bank in old notes & I receive N100,000 immediately in new notes. No more, no less.
- “ During the implementation of the cash swap, the CBN withdrew over N2 trillion from circulation but printed only N400 billion, so in effect,
- “Currency confiscation was then unilaterally and unlawfully implemented by the CBN. Trade and exchange have collapsed. Human suffering, impoverishment and economic contraction resulted.”
Derailed Policy objective: He also noted that the policy objective was derailed into a deliberate national fiasco to sabotage the elections, leaving State Government with no other choice but to approach the Supreme Court.
- “The policy objective was derailed into a deliberate national fiasco to sabotage the elections in the name of preventing vote-buying. All efforts to get CBN to implement what was lawfully approved failed.
- “Some State Governments had no choice but to approach the Supreme Court for adjudication. The APC as a party and the Progressive Governors Forum are unanimous that policy implementation must be reviewed.”
He added that Full compliance with the subsisting ruling of the Supreme Court would be observed until a final judgment on the suit instituted by the State Governments.
In case you missed it
Nasir El-Rufai last week urged citizens of the state to keep spending old naira notes citing the Supreme Court’s order that they are still legal tender.
.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.
- “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.”
