Naira Scarcity: Latest CBN News, Update On Naira Notes For Feb. 19, 2023

As the controversy associated with the new naira notes rages on, Naija News brings you the latest update on the controversial policy of the Central Bank of Nigeria (CBN).

Kaduna Residents Shun El-Rufai’s Order, Follow Buhari’s Directive On Naira Notes

Governor Nasir El-Rufai’s order on the usage of old N1000 and N500 notes has been rejected by residents of Kaduna State.

Recall that President Muhammadu Buhari, during a nationwide broadcast on Thursday declared that only the old N200 notes and other lower denominations are acceptable for transactions.

He maintained that higher denominations seized to be legal tenders as given by the Central Bank of Nigeria (CBN).

However, while addressing his state people during a broadcast, Governor El-Rufai ordered them to continue to transact with old higher denominations against the directive of the President and the CBN.

According to him, the naira redesign policy, as introduced by the CBN on the consent of President Buhari, is a weapon schemed by some persons at the helm of power to frustrate the presidential ambition of the ruling All Progressives Congress (APC) candidate, Bola Tinubu.

El-Rufai, who said he and his counterparts from other states are worried about the suffering of the masses and are working to give relief to the people, tasked Kaduna State residents to continue to go about their businesses transacting with the old currencies banned by the apex bank.

Naira Swap Policy: 10 States Slam Fresh Charges, Drag Buhari, CBN To Supreme Court

Ten states of the federation have filed a fresh suit before the Supreme Court against the naira swap policy introduced by President Muhammadu Buhari.

The state governments want the Supreme Court to declare the action of President Buhari in a statement on Thursday where he directed the Central Bank of Nigeria (CBN) to recirculate only the old N200 notes until April 10, 2023, as unconstitutional.

They argued that the declaration made by the President in his speech is contrary to the earlier directive by the apex court for all the old notes to remain in circulation as legal tenders pending the determination of a suit before it in that regard.

The fresh suit before the apex court which is marked SC/CV/162/2023 was filed by the attorney-generals of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto states.

Naija News understands the attorney-general of the federation (AGF), the attorney-general of Edo, and Bayelsa states were listed as defendants.

Naira Swap: There’s No Shame In Reversing Your Policy, It Has Turned Nigerians To Beggars – Akeredolu Tells Buhari

Ondo State Governor, Rotimi Akeredolu has advised President Muhammadu Buhari to reconsider his stand on the new naira policy since it has shown clearly that the policy is causing suffering for the people.

Akeredolu added that the policy introduced by the Central Bank of Nigeria (CBN) on behalf of the federal government is unpopular and is a threat to the forthcoming 2023 general elections.

The Ondo Governor urged President Buhari to save the nation from drifting into anarchy by reversing the naira redesign policy, pointing out that there is no shame in reversing an ill-conceived policy.

He stated this in a statement where he submitted that: ”There is no shame in rescinding a decision adjudged not only unpopular and counter-productive, but which also bears the insidious seeds of potential conflagration in the land, one of the ostensible reasons for this ill-conceived policy.”

Akeredolu said while Buhari and the CBN Governor, Godwin Emefiele are constitutionally empowered to take action on monetary policies, it is clear that the implementation of the policy is miscalculated and has brought pain to the entire country.

The Governor, therefore, appealed to Buhari to be a statesman and halt the crisis before it goes any further.