Governor Nasir El-Rufai on Sunday, February 19, claimed that the Central Bank of Nigeria embarked on currency confiscation rather than a currency swap policy as announced earlier.
In tweets he shared on Sunday evening, El-Rufai alleged that during the implementation of the cash swap, the CBN withdrew over N2 trillion from circulation and printed only N400 billion.
The Kaduna state Governor also claimed that trade and exchange have collapsed as a result of the policy. He added that it has also led to human suffering, impoverishment and economic contraction.
“Currency redesign was approved by the President and announced. Currency recoloring resulted.
“Currency swap was envisaged by s.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 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.
“The policy objective was derailed into a deliberate national fiasco to sabotage the elections in the name of preventing vote-buying. All efforts to get CBN to implement what was lawfully approved failed.
“Some State Governments had no choice but to approach the Supreme Court for adjudication. The APC as a party and the Progressive Governors Forum are unanimous that policy implementation must be reviewed, and full compliance of the subsisting ruling of the Supreme Court be observed until final judgment on the suit instituted by the State Governments.”