All old Naira notes remain legal tender in Kaduna, el-Rufai insists

In defiance of President Muhammadu Buhari announcement on Thursday that only the old N200 notes should be recirculated till April 10 this year, Nasir el-Rufai, governor of Kaduna, has insisted all the old Naira notes, including the N1000 and N500 remain legal tender in the state pending the Supreme Court’s decision.

In a televised address on Thursday morning, Buhari said he has directed the Central Bank of Nigeria (CBN) to extend the validity of old N200 notes till April 10.

The president also said all existing old N1,000 and N500 notes will remain redeemable at the CBN and designated points for 60 days.

This came less than 24 hours after the Supreme Court insisted that the old notes were still valid, and adjourned the case filed by several states — including Kaduna — challenging the deadline on the old notes till February 22.

READ ALSO: Naira swap: Buhari lacks authority to override Supreme Court

However, in a broadcast to residents of Kaduna, el-Rufai said all the old notes would remain legal tender until the apex court determines the suit on the matter.

He also assured residents of the state of efforts to ease the hardship caused by the scarcity of naira notes.

“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.

READ ALSO: Naira scarcity may aggravate forex shortages, Fitch warns FG

“For the avoidance of doubt, 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.

“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.

Advertisement

“While urging you all not to fall for these antics of the enemies of Nigeria, please be patient and continue to exercise resilience in the face of open provocation and deliberate disinformation.”