Naira Swap: 7 more Controversies Around CBN Policy Nigerians Need to Know
- Governor Nasir El-Rufai of Kaduna state has listed seven reasons why APC governors are against President Muhammadu Buhari's naira redesign policy
- El-Rufai disclosed that the issues range from the colouring of the naira to the confiscation of the old N500 and N1000 notes
- According to El-Rufai, the CBN governor, Godwin Emefiele, did not only go against President Buhari's directive, he also contravened the CBN Act
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Nasir El-Rufai, the governor of Kaduna state, has outlined the grievances of the governors of the All Progressives Congress (APC) against the federal government's naira redesign policy.
The governor, taking to his Twitter handle on Sunday, February 19, listed seven issues the APC governors have either against the Central Bank of Nigeria (CBN) Act or the president's directive.
Source: Twitter
Why APC governors are against Buhari's naira redesign policy
El-Rufai, in the statement titled, NIGERIA UPDATE: ABC of Currency Redesign vs XYZ of Cash Confiscation Explained, said:
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- "Currency redesign was approved by the President and announced. Currency recolouring resulted.
- 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 note, no more, no less.
- During implementation of the cash swap, the CBN withdrew over N2 trillion from circulation but printed only N400 billion, so in effect.
- Currency confiscation was then unilaterally and unlawfully implemented by the CBN. Trade and exchange have collapsed. Human suffering, impoverishment and economic contraction resulted.
- 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. The APC as a party and the Progressive Governors Forum are unanimous that policy implementation must be reviewed.
- Full compliance of the subsisting ruling of the Supreme Court be observed until final judgment on the suit instituted by the State Governments."
See El-Rufai's tweet here:
APC Crisis: Why Tinubu may lose forthcoming election, prominent lawyer gives analysis
Legit.ng earlier reported that Ridwan Oyafajo, a legal practitioner based in Ibadan, has commented on the chances of Bola Tinubu, the APC presidential flagbearer, in the forthcoming election.
Oyafajo said the repercussion of the daily hardship that many Nigerians are facing is that the ruling party would gradually lose its popularity among voters.
The legal icon posited that the disagreement between Tinubu and some person in the Aso Rock could make the APC lose in the poll.
Source: Legit.ng
