Naira Redesign: CBN Didn’t Do What Buhari Approved – El-rufai

The Governor of Kaduna State, Nasir El-rufai, has said what President Muhammadu Buhari approved to be done concerning the naira redesign policy was not done by the Central Bank of Nigeria.

In a statement on Sunday, El-rufai said Buhari approved naira redesign but the CBN did naira recoloration. He said instead of naira swap, the CBN did naira confiscation.

Read his post below.

NIGERIA UPDATE: ABC of Currency Redesign vs. XYZ of Cash Confiscation Explained:

(1) Currency redesign was approved by the President and announced. Currency recoloring resulted.

(2) Currency swap was envisaged by section 20(3) of the Central Bank of Nigeria Act 2007 as approved by the President. Swap means I take N100,000 to the bank in old notes and I receive N100,000 immediately in new notes. No more, no less.

(3) During implementation of the cash swap, the CBN withdrew over N2 trillion from circulation but printed only N400 billion, so in effect,

(4) Currency confiscation was then unilaterally and unlawfully implemented by the CBN. Trade and exchange have collapsed. Human suffering, impoverishment and economic contraction resulted.

(5) 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.

(6) 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

(7) Full compliance of the subsisting ruling of the Supreme Court be observed until final judgment on the suit instituted by the State Governments.