El-Rufai not happy CBN ‘confiscated’ N2tr and failed to follow approved policy
Kaduna Governor Nasir el-Rufai is still fuming over the naira mess, accusing the Central Bank of Nigeria (CBN) of having “confiscated” N2 trillion from circulation and replaced with only N400 billion new notes.
El-Rufai alleged in a tweet the CBN confiscated the notes contrary to the currency swap policy approved by President Muhammadu Buhari.
“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,” he said.
“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 to prevent vote-buying. All efforts to get CBN to implement what was lawfully approved failed.”
El-Rufai claimed Buhari approved redesigning of the naira, but the CBN did something different.
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Redesign, not recolour
According to him, Buhari approved redesigning the N200, N500, and N1000 notes, whereas the CBN only did recolour, via reporting by Vanguard.
“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.”
The naira fiasco got worse on 16 February when Buhari in his national broadcast countered the Supreme Court by extending the validity of old N200 notes, while insisting that old N500 and N1,000 remained illegal.
He urged Nigerians to deposit their old N500 and 1000 notes with the CBN, adding that only the old N200 note would be legal tender for the next 60 days until 10 April.