CBN withdrew ₦2 trillion but printed ₦400 billion – El-Rufai spills

In a statement verified by his Twitter account on Sunday, February 19, 2023, Kaduna State Governor Nasir el-Rufai alleged that the Central Bank of Nigeria (CBN) effectively withdrew a staggering ₦2 trillion from circulation, while only replenishing it with ₦400 billion worth of new notes to replace outdated tender.

In the now trending tweet thread, the Kaduna state Governor further posited that the amount of cash seized by the central bank pales in comparison to the potential gains that could be reaped from the currency swap policy.

His tweet says: “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. Human suffering, impoverishment and economic contraction resulted. Trade and exchange have collapsed.

“The policy objective was derailed into a deliberate national fiasco to sabotage the elections to prevent vote-buying. All efforts to get CBN to implement what was lawfully approved failed.”

The dyed notes: El-Rufai said President Buhari gave the go-ahead to redesign the N200, N500, and N1000 notes, while the CBN only changed the colours.

The new naira notes [Dailypost] Pulse Nigeria

Old naira notes to be used till Feb 15 as FG vows to obey Supreme Court order. Pulse Nigeria

What you should know: Following the President's nationally televised address last Thursday, the naira crisis reached its zenith as he deviated from the Supreme Court's directives and declared that the antiquated N200 notes remained valid, while the N500 and N1000 denominations were to remain illegal.

Additionally, Buhari appealed to Nigerians to surrender their obsolete notes to the Central Bank of Nigeria, and announced a 60-day grace period until April 10, during which the old N200 note would continue to serve as legal tender.