El-Rufai Dares Buhari, Orders Kaduna Residents To Continue To Spend Old Naira Notes

The governor of Kaduna State, Mallam Nasir El-Rufai, has said that the old naira notes of 200, 500 and 1000 denominations shall remain a legal tender in his state, contrary to the directive of President Muhammadu Buhari.In a nationwide broadcast today, the president said that the old 200 Naira notes will remain in circulation with the new one but the 500 and 1000 notes won’t be in circulation but can be changed by the holders in any CBN office.

However, El-Rufai in a State Broadcast on 16th February, 2023 dismissed the President’s directive, insisting that “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.”Speaking further, the Governor threatened that: “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.”He assured the residents of the state that non of them shall lose their money and all arrangements will be made to help them change their money to the new notes after the election.“Let us stay calm and peaceful, and support the lawful means being utilised to solve our problems. 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.

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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,” the statement reads in part.