Naira Scarcity: El-Rufai Blows Hot, Counters Buhari’s Directive On Old Naira  

Mary Ugwuanyi

Kaduna State governor, Nasir el-Rufai, has directed that old and new naira notes remain legal tender in the state pending the outcome of supreme court judgment.

Buhari in a televised address on Thursday said he has directed the Central Bank of Nigeria, CBN, to allow N200 notes remain legal tender until April 10.

According to the president, all N500 and N1,000 notes will remain redeemable a the CBN and designated points for 60 days.

His directive came less than 24 hours after the supreme court insisted that the old notes were still valid, and adjourned the case filed by many states – including Kaduna, seeking an extension to the deadline on the old notes beyond February 2022.

Reacting, el-Rufai stated that all old notes would remain legal tender until the supreme court determines the suit on the matter.

He said, “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,” the Kaduna governor said.

“We understand your pain. I assure you that as your state governor, I have been working with my other colleagues to do everything in our power to end these pains. 

See Also: CBN Must Obey S’court Judgment On Old Naira Notes – Falana

“Therefore, as your governor, I wish to assure you that the 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 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. 

“For the avoidance of doubt, 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. 

“While urging you all not to fall for these antics of the enemies of Nigeria, please be patient and continue to exercise resilience in the face of open provocation and deliberate disinformation.”

Source: Cable

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