CBN Withdrew N2trn, Printed Only N400bn

The Governor of Kaduna State, Nasir El-Rufai, has accused the Central Bank of Nigeria of withdrawing N2 trillion from circulation.Information Guide Nigeria

He said that the apex bank has replaced the N2 trillion with old notes by minting only N400 billion.

As reported by THE CHANNELS, he made the allegation on his Twitter handle on Sunday, adding that the CBN only confiscated the currency as against what was obtainable in the currency swap policy.

He tweeted: “During the 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.NYSC portal

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“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.

Nasir El-Rufai claimed that what was approved by President Muhammadu Buhari was different from what the CBN did regarding the redesigning and swapping of the currency.

He added, “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 notes. No more, no less.”

Recall that the naira crisis worsened last Thursday following the President’s nationwide broadcast ignoring the Supreme Court.

The President urged Nigerians to deposit their old N500 and 1000 notes with the CBN, Buhari said the old N200 note would be legal tender for the next 60 days till April 10.JAMB Result

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