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Naira Scarcity: Governor El-Rufai Says All Old Notes Legal Tender in Kaduna, Alleges Plot To Install Interim Government

“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.”

Nasir El-Rufai

Governor of Kaduna State, Nasir el-Rufai, says old and new naira notes remain legal tender in the state pending the supreme court’s decision on the matter.

In a broadcast on Thursday, el-Rufai assured residents of the state of efforts to ease the hardship caused by the scarcity of naira notes.

He also alleged that the scarcity of naira notes and petrol shortage is part of a plot to disrupt the forthcoming elections in order to ensure an interim government takes over.

Recall that in a televised address on Thursday morning, Nigeria President Muhammadu Buhari said he has directed the Central Bank of Nigeria (CBN) to extend the validity of old N200 notes till April 10.

The president also said all existing old N1,000 and N500 notes will remain redeemable at the CBN and designated points for 60 days.

This came less than 24 hours after the supreme court insisted that the old notes were still valid, and adjourned  the case filed by several states — including Kaduna — challenging the deadline on the old notes till February 22. 

However el-Rufai 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. 

“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.”

The Kaduna Statd governor also said the current cash scarcity is part of moves to ensure that Bola Tinubu, the presidential candidate of the All Progressives Congress (APC), loses the election.

“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,” el-Rufai said.

“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 the board resulting in massive losses for the Party in all the elections;

“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;

“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.”

Kaduna is one of the states challenging the deadline on the old naira notes, in a suit filed before the supreme court.

The supreme court, in its ruling, declared the notes as legal tender pending the determination of the suit on February 22.

Demola Ojo

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