Naira crisis: FG called governors for out-of-court settlement - El-Rufai

El-Rufai disclosed this after a report made the rounds that he had opposed a proposal made to the leadership of Nigeria Governors Forum (NGF) and the Progressives Governors Forum (PGF) by President Muhammadu Buhari during a meeting in the early hours of Wednesday, February 15, 2023.

The report said Buhari had promised the governors that he would extend the validity period of the old N1,000, N500, and N200 notes by 60 days on the condition that the state governments will withdraw the Supreme Court lawsuit against the Federal Government.

The report further claimed that, while everybody agreed with the President, El-Rufai insisted on total cancellation of the policy.

But, reacting to the development, the governor said there has been no physical meeting this week between the Federal Government and the governors on the issue.

He, however, admitted that some senior government officials called him and other governors on the phone and made proposals.

El-Rufai made these known in a statement by his spokesperson, Muyiwa Adekeye, on Wednesday night, adding that such proposals were not considered serious for obvious reasons.

The statement read: “A few hours after the Supreme Court adjourned the currency redesign case today, a respected publication, published what it described as an exclusive story regarding the intentions of the Federal Government on the matter.

“Malam Nasir El-Rufai would like to clarify that it has been misled by its sources on this issue. There has been no meeting this week between the FG and either the Nigerian Governors’ Forum (NGF) or the Progressive Governors Forum (PGF), not to talk of one lasting till the wee hours of today, Wednesday, 15 February 2023.

“Rather, senior officials of the FG reached some governors, including Malam 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 N1000 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 N1000 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 indicates that the Mint will need at least 12 months to print the minimum amount of N1 trillion needed to ensure a functioning trade and exchange environment in Nigeria.

“The tabling of false facts, inadequate solutions to the sufferings of our people, and the bad faith that some of the FG negotiators displayed in our phone conversations and chats have now been taken further in leaking a false account and context to a respected medium. The plaintiff governors rejected the draft proposal as insincere, and invested our hopes in the Supreme Court of Nigeria.

“Malam Nasir El-Rufai will be addressing the people of Kaduna State on this currency redesign mess, the consequences of the extension of the injunction of the Supreme Court of Nigeria, and related matters tomorrow. But the Kaduna State Government feels it is important tonight not to allow an exclusive falsehood to stand, or even gain the slightest traction. This statement is therefore issued to put the records straight.”