ADVERTISEMENT
TechEconomy
Thursday, June 5, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Gov. El-Rufai: “CBN Mopped up N2tr, Printed only N400b; Faults Redesign Implementation

Gov. El-Rufai: “CBN Mopped up N2tr, Printed only N400b; Faults Redesign Implementation

Justice Godfrey Okamgba by Justice Godfrey Okamgba
February 20, 2023
in Finance
0
CBN

RelatedPosts

Naira vs Dollar | Asset management

Naira Appreciates to N1,579/$1 as Market Confidence Grows

June 4, 2025

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

June 3, 2025

The Governor of Kaduna State, Nasir El-Rufai, has described the implementation of the Central Bank of Nigeria’s Naira redesign policy as unlawful.

He argued that there was no basis for the CBN mopping up a whopping sum of N2 trillion but printing only N400 billion.

In a statement titled “ABC of Currency Redesign vs. XYZ of Cash Confiscation Explained,” released on Sunday evening, he said the poor implementation has led to the impoverishment of the people and contracted the economy.

He also noted that the policy objective was derailed into a deliberate national fiasco to sabotage the elections, leaving the State Government with no other choice but to approach the Supreme Court.

He said the currency redesign was approved by the President and announced, currency recoloring resulted.

“Currency swap was envisaged by Section 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.

“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.”

In another statement, Governor El-Rufai said directed its ministries, departments, and agencies to ensure that their collection agents continue to accept payments made in all denominations of the naira, old and new.

He asserted that both old and new naira notes will co-exist as legal tender in the state, urging residents to use them without fear, that any individual or entity that rejects them shall be prosecuted.

“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,” he added.

CBN’s Position

Late last year, the apex bank redesigned the N200, N500, and N1000 notes and set a January 31 deadline for the use of old Naira notes.

Some Governors, including El-Rufai, had met with Buhari about the redesigned naira, claiming it was causing hardship. The president had instructed them to give him seven days to act.

The Governors, however, filed a suit at the Supreme Court two days before the deadline, and the court restrained the CBN from prohibiting the use of old naira notes from February 10, 2023, but CBN governor Godwin Emefiele said there was no need for the deadline to be shifted.

A few days later, President Muhammadu Buhari made a national broadcast saying old N500 and N1,000 banknotes are no longer legal tender in Nigeria. He, however, directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation as legal tender for the next 60 days

 

Loading

Advertisements
MTN ADS

Author

  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

    View all posts
0Shares
Tags: CBNCurrency SwapEl-Rufaikaduna
Previous Post

Nigeria Lost $825b to Corruption in 23 Years

Next Post

Mark Borrows Elon Musk’s PlayBook, Unveils Subscription Service – Meta Verified

Justice Godfrey Okamgba

Justice Godfrey Okamgba

Related Posts

Naira vs Dollar | Asset management
Finance

Naira Appreciates to N1,579/$1 as Market Confidence Grows

by Latifat Fashina
June 4, 2025
0

The naira appreciated in the official market on Tuesday, closing at N1,579/$1, up from the last close of N1,582/$1. The...

Read more
Tony Elumelu, chairman of UBA

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

June 3, 2025
NairaWatch, Naira and dollar

Naira Appreciates, Closes at N1,582/$1 in Official Market

June 3, 2025
Agentforce for financial services by Salesforce

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025
Segun Alebiosu, CEO, FirstBank China-Africa Interbank Association | FirstBank Agent Credit

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025
America Debt - IMF

Can AI Save America from its Debt Spiral

May 31, 2025
Next Post
Meta Verified

Mark Borrows Elon Musk's PlayBook, Unveils Subscription Service - Meta Verified

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.