Kaduna state governor Nasir el-Rufai has accused the Central Bank of Nigeria, CBN, of withdrawing N2 trillion from circulation and replacing old notes with only N400 billion in new notes.
On Sunday, El-Rufai made this claim via his verified Twitter profile.
He said that the central bank only confiscated currency in excess of what was available under the currency swap arrangement.
“During the implementation of the cash swap, the CBN removed nearly N2 trillion from circulation but issued only N400 billion, effectively implementing currency confiscation unilaterally and unlawfully,” he writes in his tweet. Commerce and exchange have ceased to exist. As a result, there was human suffering, poverty, and economic recession.
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“The policy objective was derailed into a deliberate national fiasco to sabotage the elections to prevent vote-buying. All efforts to get CBN to implement what was lawfully approved failed.”
The governor claimed that President Muhammadu Buhari approved redesigning of the naira, but the CBN did something different, regarding the redesigning and swapping of the currency.
According to El-Rufai, President Buhari approved redesigning the N200, N500, and N1000 notes, whereas the CBN only did recolour.
He stated, “Currency redesign was approved by the President and announced. Currency recoloring resulted.
“Currency swap was envisaged by s.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.”
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Recall that the naira crisis peaked last Thursday after the President’s national broadcast, which countered the Supreme Court by extending the validity of old N200 notes, while insisting that old N500 and N1,000 remained illegal.
Buhari urged Nigerians to deposit their old N500 and 1000 notes with the CBN, adding that the old N200 note would be legal tender for the next 60 days till April 10.
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