Governor Nasir el-Rufai has told Kaduna state citizens to follow the Supreme Court order and continue spending the old and new naira notes together till the next adjourned date of the suit on naira redesign.
This is despite President Muhammadu Buhari’s broadcast on Thursday banning the old N1,000 and N500 naira notes, and allowing the old N200 notes.
Speaking in a state broadcast on Thursday night, el-Rufai said, “beyond the reasons given publicly by those carrying out the naira redesign, they have ulterior motives, aimed at inciting Nigerians to vote against APC during the general elections, cause chaos or disrupt the elections from holding, which was why they deceived President Buhari to allow only the old N200 note to co-exist with the new notes irrespective of the suffering and hardship Nigerians are forced to go through across the country to access their money.”
El-Rufai in the broadcast told residents of the state that, “on behalf of the government of Kaduna state, I wish to express my deepest regret at the needless suffering you are enduring as a result of the prolonged fuel shortage and the difficulties occasioned by the so-called ‘currency redesign’ policy of the Central Bank of Nigeria. We understand your pain”.
Explaining the way out of the logjam, el-Rufai urged that the old and new notes coexist, “all the old and new notes shall remain in use as legal tender in Kaduna state until the Supreme Court of Nigeria decides otherwise. I therefore appeal to all residents of Kaduna state to continue to use the old and new notes side by side without any fear. The Kaduna state government and its agencies shall seal any facility that refuses to accept the old notes as legal tender and prosecute the owners. If need be, we shall take further consequential actions according to the law.
“We have been officially informed that the currency redesign policy is to reduce money laundering and render useless stashes of high denomination Naira that many politicians and public officers have accumulated through corruption and illicit activities. We are fully in support of such a policy from the beginning. We had privately expressed concerns about the timing of the currency design policy and the unrealistic timeline for its implementation. We were assured that all steps have been taken to ensure that we avoid hurting the poorest and small businesses.
“In official briefings to the President, the Central Bank of Nigeria constantly alluded to the fact that the policy also targets politicians who have accumulated a huge war chest for vote buying during the elections. It is now clear that the President has been deceived by the Central Bank of Nigeria and some elements in his government into buying into this overarching narrative, in the name of ensuring free and fair elections in 2023.
“This policy was conceived and sold to the President by officials who completely lost out in the gubernatorial and presidential primaries of the APC in June 2022. Once Asiwaju Bola Tinubu emerged as the candidate in June 2022, and subsequently did not pick one of them as his running mate, this currency redesign policy was conceived to ensure that the APC presidential candidate is deprived of what they alleged is a humongous war chest.
“They also sought to achieve any one or more of following objectives: Create a nationwide shortage of cash so that citizens are incited to vote against APC candidates across board resulting in massive losses for the party in all the elections; Ensure that the cash crunch is so serious, along with the contrived fuel shortage existing since September 2022, that the 2023 elections do not hold at all, leading to an interim national government to be led by a retired Army general;
“Sustain the climate of shortage of fuel, food and other necessities, leading to mass protests, violence and breakdown of law and order that would provide a fertile foundation for a military take-over.
“Let us stay calm and peaceful, and support the lawful means being utilised to solve our problems. On behalf of the Kaduna state government, I assure you that none of you would lose the money you have in old notes. Let no artificial and illegal deadline frighten you. Whether you live in towns, villages or in our isolated rural communities, do not feel stampeded to deposit your old notes in the banks. Hold on to them. Continue to use them as legal tender as ordered by the Supreme Court of Nigeria. No deadline can render them worthless, ever.
“The law is on your side. The Central Bank of Nigeria Act, 2007 and the Bills of Exchange Act, both oblige the CBN to recognise your old notes and give you value in new notes whenever you bring them to the CBN, even in the next 100 years. As your governor, I assure you that Kaduna state government, in collaboration with elected legislators, traditional institution, elected local government councils, markets, and traders associations will help you collect, record, document, collate and deliver all your old notes to the Kaduna branch of the Central Bank on your behalf and changed into the new ones immediately after the elections.
“We will also ensure the delivery of your new notes to your various locations without any hardship or expense on your part. We shall save you any panic and the stress of a long journey from your community to the CBN office in our state capital, from March until December 2023 if need be.”
