El-Rufai Confirms Proposal By Buhari To Extend Deadline For Old Naira Notes, Explains Why It Was Rejected

The Kaduna State Governor, Nasir El-Rufai has confirmed that the federal government made a proposal to extend the deadline for the old naira notes till April 10.

The Governor in a statement on Wednesday evening however added that the terms of the proposal from the federal government were not sincere, hence it was rejected.

He also clarified that contrary to earlier reports that the President Muhammadu Buhari government held a meeting with the governors lasting till the wee hours of Wednesday, 15th February on the matter, some top officials only reached out on phone to some governors to solicit an out-of-court settlement.

The Kaduna State Governor in a statement by his spokesperson, Muyiwa Adekeye said it became necessary to set the records straight after reports emerged that President Buhari is considering extending the validity of old naira notes by 60 days.

Quoting sources from The Cable, Naija News had reported that President Buhari is planning to extend the validity of the old naira notes to avoid disobeying the order of the Supreme Court of Nigeria, which ruled that the old ₦1,000, N500, and N200 notes remain valid until it delivers judgment in the case filed by some states against the federal government.

A senior government official revealed that Buhari was worried about the hardship faced by Nigerians as well as the legal implications of disobeying the order of the constitutional court.

The official said that this was the focus of a meeting between Buhari and the leadership of the Nigeria Governors Forum (NGF) and the Progressives Governors Forum until the early hours of Wednesday.

However, El-Rufai has come out to deny some details of the story, blaming the federal government for intentionally trying to introduce a false narrative by releasing wrong information through the source.

The Governor said the government officials who spearheaded the negotiation with him and some other Governors proposed that only N200 notes would be circulated till April 10 as they claimed the N500 and N1000 notes deposited by Nigerians have already been destroyed.

According to El-Rufai, not only was the claim found to be untrue, the N200 would not be enough to alleviate the suffering already created by the implementation of the naira swap policy hence his insistence on the total cancellation of the policy.

Below is the full statement from the Kaduna State Governor on why the proposal from the Buhari government was rejected.

See the full statement below.

“A few hours after the Supreme Court adjourned the “currency redesign” case today, TheCable, a respected publication, published what it described as an exclusive story regarding the intentions of the Federal Government on the matter.

“Malam Nasir El-Rufai would like to clarify that TheCable has been misled by its sources on this issue. There has been no meeting this week between the FG and either the Nigerian Governors’ Forum (NGF) or the Progressive Governors Forum (PGF), not to talk of one lasting till the wee hours of today, Wednesday, 15 February 2023.

“Rather, senior officials of the FG reached some governors, including Malam Nasir El-Rufai, on phone to initiate discussions on a possible out of court settlement. The terms they proposed were to allow only the old N200 note to remain legal tender and be circulated by the CBN till 10 April 2023. They claimed that the CBN had already destroyed the old N500 and N1000 notes that had been deposited, but that those persons who still held the old notes could redeem them up to 10 April 2023.

“These were not considered as serious proposals, for obvious reasons. Circulating the old N200 notes alone would not be sufficient to relieve widespread human suffering in Kaduna State, and indeed in Nigeria today. They knew that and that is why they falsely claimed that the CBN had already destroyed the old N500 and N1000 notes.

“This is contrary to the fact available to the governors to the effect that the old notes were in the custody of commercial bank branches throughout Nigeria until the evening of Monday, February 13, and not a single N500 or N1000 had been destroyed.

“It is also a non-starter to insist on a new cut-off date without first assuring that sufficient new notes would have been printed and circulated. Information available to the governors also indicate that the Mint will need at least 12 months to print the minimum amount of N1 trillion needed to ensure a functioning trade and exchange environment in Nigeria.

“The tabling of false facts, inadequate solutions to the sufferings of our people, and the bad faith that some of the FG negotiators displayed in our phone conversations and chats have now been taken further in leaking a false account and context to a respected medium. The plaintiff governors rejected the draft proposal as insincere, and invested our hopes in the Supreme Court of Nigeria.

“Malam Nasir El-Rufai will be addressing the people of Kaduna State on this currency redesign mess, the consequences of the extension of the injunction of the Supreme Court of Nigeria, and related matters tomorrow.

“But the Kaduna State Government feels it is important tonight not to allow an exclusive falsehood to stand, or even gain the slightest traction. This statement is therefore issued to put the records straight.”