The Governor of Kaduna State, Nasiru El-Rufai has claimed
that what was approved by President Muhammadu Buhari was different from what
the Central Bank of Nigeria, CBN, did regarding the redesigning and swapping of
the currency.
The Governor, who has vehemently kicked against the new
monetary policy by the Buhari administration, tried to make some explanations
in a statement he titled: ‘Nigeria Update: ABC of Currency Redesign vs. XYZ of
Cash Confiscation Explained’, shared on Twitter, Sunday night.
The Governor claimed that while the President approved the
redesign of the N200, N500 and N1000 notes, the CBN only did recolouring.
“Currency redesign was approved by the President and
announced. Currency recolouring resulted,” El-Rufai said.
He further claimed that the President approved currency
swap, which means that Nigerians should deposit their old notes to the banks
and receive the equivalents in return, while the CBN embarked on Naira
confistication instead.
“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,”
he said.
The Governor said that the apex bank only printed N400
billion and withdrew over N2trn from the system during implementation of the
cash swap, accusing the bank of unlawfully confiscating the naira notes, a
decision, according to him, that saw trade and exchange collapse in the country
and brought suffering, impoverishment and economic contraction.
“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,” he said, insisting that the ruling All
Progressives Congress and all the Governors of the party are unanimous that the
Federal Government must review the implementation of the new policy.
The Governor also said that there must be total compliance
to the subsisting verdict of the apex court until final judgment.
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