Kaduna State Governor Nasir el-Rufai has accused the Central Bank of Nigeria, CBN, of removing N2 trillion from circulation and replacing the old notes by minting only N400 billion. He made this accusation in a tweet on Sunday via his verified Twitter account.
Here’s what he wrote in his tweet: “During the introduction of the cash exchange, CBN pulled almost 2 trillion nairas from circulation but only printed 400 billion nairas, so the seizure of the currency was then basically imposed unilaterally.” and unfairly by CBN.
Barter and trade have ceased to exist. The result was human misery, economic recession, and poverty.
The governor asserted that President Muhammadu Buhari had given his approval for the revamping of the naira, but the CBN had a different stance with regard to the redesigning and swapping of the currency.
According to Rufai, the President had approved and publicized the currency change. Currency changed colors as a result.
The governor stated that President Muhammadu Buhari had given the go-ahead for the revamping of the naira, but the CBN took a different stance on the redesigning and swapping of the currency.
El-Rufai claims that the N200, N500, and N1000 notes were cleared for redesign by President Buhari, although the CBN just changed the color of the notes.
He said, “The President authorized and announced the redesign of the currency. Currency changed colors as a result.
The Central Bank of Nigeria Act, as adopted by PMB, section 20(3), foresaw currency swaps. When I go to the bank with N100,000 in old notes, I immediately receive N100,000 in fresh notes. No more and no less
Remember that the naira crisis reached its height on Thursday following the President’s nationwide broadcast, which rejected the Supreme Court’s ruling by maintaining the legality of old N200 notes while denying their legality for newer N500 and N1,000 notes.