The New Naira Notes Were Recoloured, Not Redesigned — El Rufai

Governor Nasiru El-Rufai of Kaduna State has once again taken a swipe at the Central Bank of Nigeria Governor, Godwin Emefiele, over the emergence of the new naira notes.

El-Rufai has said what the Central Bank of Nigeria did regarding the naira redesign is different from what was approved by President Muhammadu Buhari.

In a post on Twitter on Sunday titled, ‘NIGERIA UPDATE: ABC of Currency Redesign vs. XYZ of Cash Confiscation Explained’, El-Rufai accused the apex bank of derailing the policy objective to sabotage the elections.

The post reads: “Currency redesign was approved by the President and announced. Currency recolouring 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.

“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.

“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, and full compliance of the subsisting ruling of the Supreme Court be observed until final judgment on the suit instituted by the State Governments.”

Recall that Switch Nigeria reported last Friday that El-Rufai announced the old notes as legal tender in Kaduna based on the Supreme Court ruling, going against Buhari’s directive.

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