El-Rufai Dares Buhari, Says Old Naira Notes Remain Legal Tender In Kaduna

Kaduna State Governor, Nasir El-Rufai has asked residents of the state to disregard the directive of President Muhammadu Buhari on the naira redesign policy.

KanyiDaily recalls that in a nationwide broadcast on Thursday morning, Buhari said he has directed the Central Bank of Nigeria (CBN) to extend the validity of old N200 notes till April 10.

The president, however, declared that old 500 and 1000 naira notes were no longer legal tender. He asked Nigerians to take them to the CBN and designated points for 60 days.

Reacting to Buhari’s directive in a broadcast to Kaduna residents on Thursday night, El-Rufai said the old notes remain legal tender until the Supreme Court of Nigeria decides otherwise.

The governor described the naira redesign policy as a weapon by members of the ruing All Progressives Congress (APC) and Buhari’s close allies to sabotage the party’s presidential candidate, Bola Tinubu, from winning the 25 February election.

El-Rufai, therefore, directed Kaduna residents to continue accepting the N500 and N1000 notes as legal tender until the apex 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.

“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.

“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.”

Governor El-Rufai assured that no citizen of the state would lose the old naira notes despite President Buhari’s pronouncement, saying, “Let no artificial and illegal deadline frighten you.”

“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 recognise your old notes and give you value in new notes whenever you bring them to the CBN, even in the next 100 years.

“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,” he said.

El-Rufai said Buhari was deceived by the CBN leadership to accept the narrative that the policy was meant to check politicians who amassed huge cash to buy votes during the elections.

The governor also said the policy was orchestrated by some APC members who lost out at the party’s presidential primary and are now desperate to frustrate the parry and its candidates.

“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.

“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,” he said.

KanyiDaily recalls that Kano State Governor, Abdullahi Ganduje had also attacked Buhari over the naira redesign policy, saying the president was working hard to destroy the party that brought him to power after three failed attempts.