Naira: Why Govs Rejected FG Settlement Terms, Says El-Rufai

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The Governor of Kaduna State, Mallam Nasir El-Rufai, revealed on Wednesday, that the Federal Government had made overtures to governors, seeking the withdrawal of the suit at the Supreme Court, challenging the deadline for the old naira notes.

El-Rufai, however, said the proposition was rejected as the governors did not agree with the terms being proposed by the Federal Government.

The governor’s Special Adviser, Media and Communication, Muyiwa Adekeye, quoted him to have said this in a statement on Wednesday, titled, ‘We do not want Exclusive Falsehood to gain traction- El-Rufai.”

The statement read in part, “Senior officials of the FG reached some governors, including Mallam Nasir El-Rufai, on phone to initiate discussions on a possible out-of-court settlement. The terms they proposed were to allow only the old N200 note to remain legal tender and be circulated by the CBN till 10 April 2023. They claimed that the CBN had already destroyed the old N500 and N1,000 notes that had been deposited, but that those persons who still held the old notes could redeem them up to 10 April 2023.

 

“These were not considered as serious proposals, for obvious reasons. Circulating the old N200 notes alone would not be sufficient to relieve widespread human suffering in Kaduna State, and indeed in Nigeria today.

“They knew that and that is why they falsely claimed that the CBN had already destroyed the old N500 and N1,000 notes. This is contrary to the fact available to the governors to the effect that the old notes were in the custody of commercial bank branches throughout Nigeria until the evening of Monday, February 13, and not a single N500 or N1000 had been destroyed.

“It is also a non-starter to insist on a new cut-off date without first assuring that sufficient new notes would have been printed and circulated. Information available to the governors also indicate that the Mint will need at least 12 months to print the minimum amount of N1trn needed to ensure a functioning trade and exchange environment in Nigeria.”

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