₦airaland Forum

The Governor of Kaduna State, Nasiru El-Rufai has claimed that what was approved by President Muhammadu Buhari was different from what the Central Bank of Nigeria, CBN, did [/b]regarding the redesigning and swapping of the currency.

The Governor, who has vehemently kicked against the new monetary policy by the Buhari administration, tried to make some explanations in a statement he titled: ‘Nigeria Update: ABC of Currency Redesign vs. XYZ of Cash Confiscation Explained’, shared on Twitter, Sunday night.

[b]The Governor claimed that while the President approved the redesign of the N200, N500 and N1000 notes, the CBN only did recolouring.


Currency redesign was approved by the President and announced. Currency recolouring resulted,” El-Rufai said.

He further claimed that the President approved currency swap, which means that Nigerians should deposit their old notes to the banks and receive the equivalents in return, while the CBN embarked on Naira confistication instead.

Currency swap was envisaged by s.20(3) of the Central Bank of Nigeria Act as approved by PMB. Swap means I take N100,000 to the bank in old notes & I receive N100,000 immediately in new notes. No more, no less,” he said.

The Governor said that the apex bank only printed N400 billion and withdrew over N2trn from the system during implementation of the cash swap, accusing the bank of unlawfully confiscating the naira notes, a decision, according to him, that saw trade and exchange collapse in the country and brought suffering, impoverishment and economic contraction.

The policy objective was derailed into a deliberate national fiasco to sabotage the elections in the name of preventing vote-buying. All efforts to get CBN to implement what was lawfully approved failed.

“Some State Governments had no choice but to approach the Supreme Court for adjudication,” he said, insisting that the ruling All Progressives Congress and all the Governors of the party are unanimous that the Federal Government must review the implementation of the new policy.

The Governor also said that there must be total compliance to the subsisting verdict of the apex court until final judgment.

Source: https://dailypost.ng/2023/02/20/naira-redesign-el-rufai-reveals-what-buhari-originally-approved-for-cbn/

Hmmm... this one weak me sha
Let me use this medium to call out iamthebull. Guys please kindly advise iamthebull to stop living a fake life. The guy is too fake and is a blatant liar. See a thread he created and got busted for lying. Read the comments below in the thread. Here is the link
https://www.nairaland.com/7568519/see-all-gifts-got-valentine#121034080

Ok

Before you said 300B now na 400B. Oga go and rest na yourself you dey fight for.

Make el rufai rest abeg

Confiscation was a good thing


If not that the common masses are more corrupt than our politicians
The whole Confiscation was something we should celebrate

While the little money cnb gave banks to distribute to the public bank managers were selling it to highest bidders and politicians


As of October 2022, currency in circulation had risen to N3.23 trillion out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system
thereby distorting the financial policy and efficient management of inflation
The aim was to ensure that first all money returns into the banking system and little money goes out so that vote buying will be reduced but bankers were selling the little ones to politicians
We masses see our own corruption as normal but see politicians own corruption as bad thing

El-Rufai right on this one. Instead of naira redesign, we had naira recolourarion and instead of currency swap, we have currency confiscation.

Make den do allow us have access to our money again.

Is hell rude file the only one affected why he's crying more than other when he is not contesting for any position

Hell rufai... accept ur defeat in peace and stop fooling urself

valentineuwakwe:
Source: https://dailypost.ng/2023/02/20/naira-redesign-el-rufai-reveals-what-buhari-originally-approved-for-cbn/

okay

Can someone sing asake song for me

They Never see it coming eerulfai

This man still dey rant?

Ogbeni move on already. Obi will sure normality returns to Nigeria by Saturday this week when he has been declared winner

This one just dey talk anyhow

This thing really pain El Rufai

The short devil shall remain in shock till after elections

This man is brilliant
Can't take it away from him

This thing touch this man too much ooo. . .🤣🤣🤣😂😂😂🤣🤣

Well that's when you store raw cash for house.

I think they should just rule out 500naira and 1000 naira from our notes and make 200naira the highest denominations

This fool again. I am a supporters of Asiwaju bola ahmed Thinubu but because of Elrufai I will not be voting for him again.Evil man

HellRufai and Drugnubu will never smell Aso Rock

He’s still wailing.

When you support injustice for the masses 7 years ago.

You surely didn’t see yourself wailing in the future.

El-Rufai is lamenting more than the bereaved.

All for the selfish interest of himself and others like him.

We don't care.

BUHARÌ is a colossal waste and failure, all thanks to his sentimental and NEPOTISTIC system of rulership. HE IS A TYPICAL FOOL ANI MAN.


BY THE GRACE OF GOD, A BETTER ADMINISTRATOR - TINUBU WILL TAKE OVER FROM HIM.

NIGERIA MUST PROGRESS

NIGERIA MUST BE GREAT AGAIN.

Children of hate and PERDITION must be put to shame.

Those who against Buhari for the past 7yrs will not agree with you Mr. Elrufai.

Those who called Buhari, jubrin from Sudan will not agree.

Those whose presidential candidate campaigns in Igbo-dominant areas in non igbo states will not agree.

Those whose presidential candidate only goes to church to campaign on religious lines will not agree.

Don't worry Mr. Elrufai, their defeat is glaring to them now they will go back to Biafra or the referendum. They will go back to call Nigeria, a zoo country.

Emefiele will fail and his tenure may end disgracefully. Just because he doesn’t want Tinubu to win his election and then he has decided to put the masses in deep suffering.

Well, TBH, that was recoloring and not redesigning.

Those N500 and the N1000 notes are the worst I have ever seen of any country in the world.

However, anything that will PEPPER Thifnubu and his cohorts, I am fully happy and in support of it.