JUST IN: El-rufai dares Buhari, directs Kaduna residents to continue spending old naira notes

Kaduna State Governor, Malam Nasir El-Rufai has directed that people in the state continue to use the old Naira notes.

This id sequel to President Muhammadu Buhari’s declaration earlier in the day that the N1,000 and N5,000 old Naira notes are no longer legal tender, he issued the directive.

On Thursday night, El-rufai, however, urged the residents of Kaduna State to speak out vehemently in support of democracy, peace, and national harmony in his broadcast.

The governor said, “Let us stay calm and peaceful, and support the lawful means being utilized to solve our problems. On behalf of the Kaduna State Government, I wish to 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 recognize your old notes and give you value in new notes whenever you bring them to the CBN, even in the next 100 years.

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“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.”

The full text of the statement:

My dear people of Kaduna State,

1. With just about 100 days before leaving office, and elections just round the corner, it was my intention to host another media chat to interact with the people of our state in the next few days. While I still hope to do so, I feel the need to address you all today due to the unprecedentedly cruel situation our people and their livelihoods have been thrown into, particularly in the last two to three weeks by the decisions, actions and inactions of the Federal Government of Nigeria.

2. 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. 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.

3. While publicly supporting what appeared to be a beneficial policy, we innocently engaged privately with the President and the leadership of the Central Bank of Nigeria to review the implementation of the policy so as to reduce its negative impact on the lives and livelihoods of our people, and end the pain being inflicted on citizens. In the absence of any progress to modify implementation on the part of the architects, we were forced to go public about two weeks ago, with our concerns and demand that this suffering must stop.

4. We take seriously our duty to protect ordinary people from the consequences of these policy fiascos. The sad fact is that the victims of these mindless policies are the people that elected us. It is their welfare that is being threatened. Many of our people have been left in a situation where the money they put in banks has literally been confiscated, depriving them of the ability to buy food and basic necessities. Our traders cannot sell as much as they used to because their customers have no access to their hard-earned money.

5. 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 other illicit activities. As earlier stated, we are fully in support of such a policy, and we made this public from the beginning.

6. 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 the recent experience of India, where implementation of a similar demonetization policy targeted at politicians ended up hurting the poorest and small businesses the most.

7. 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.

8. It is important for the people of Kaduna State, and indeed Nigeria, to know that contrary to the public pronouncements and apparent good intentions, 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.

9. 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:

1. Create a nationwide shortage of cash so that citizens are incited to vote against APC candidates across the board resulting in massive losses for the Party in all the elections.

1. Ensure that the cash crunch is so serious, along with the contrived and enduring 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.

Nasir El-Rufai, CON Kaduna, 16th February 2023